Two men were arrested in connection with a HK$15 million (US$1.92 million) robbery that took place in a hotel room in Hong Kong on Wednesday.

The two suspects, South Asian men aged 31 and 60, were arrested in Kowloon City on Thursday, Ta Kung Pao reported.

At around 8:30pm on Wednesday, three bosses and a staff member from a money changer in Sham Shui Po, Kowloon answered a call to exchange money at a hotel room at the Regal Riverside Hotel in Shatin.

When the four men arrived at the room, the door was opened by a South Asian man. At that point, the money changers were bundled into the room from behind by four or five men.

The suspects tied up the money changers and made off with a backpack, a hold-all and a suitcase which contained money. Within only three minutes, the suspects left the hotel in a seven-seater multi-purpose vehicle (MPV).

Unknown to the robbers, there was a GPS device in the hold-all. Police followed the data from the device and found the MPV parked near Olympic City in Tai Kwok Tsui, Kowloon an hour later, news website HK01.com reported.

Officers recovered the device and HK$150,000 cash (US$19,164) from inside the MPV.

Police say the 60-year-old man arrested is the owner of the van, who has no triad background and no criminal record. The second person arrested is said to be his friend.

Police investigations are continuing.