Armed Crime Squad detectives have today arrested a man following the theft of $2.4 million during an armed robbery on an Armaguard van at Richmond back in 1994.

Investigators executed a search warrant at a Seddon property about 7am this morning.

A 59-year-old man was arrested is currently assisting police with their enquiries.

The arrest relates to an armed robbery that occurred on the on-ramp to the South Eastern Freeway on 22 June 1994.

Five armed men allegedly dressed as road workers, held up an Armaguard van and stole approximately $2.4 million in cash.

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