The suspects have admitted to the crime.
The Police have paraded two security officials - naval personnel and the Nigerian Correctional Service official - for their alleged involvement in car snatching.
The suspects, Ibrahim Adamu, 25, a naval personnel and Abdullahi Abdulwahab, 26, of the Correctional Service were paraded on Tuesday by the police in Edo State, Punch newspaper reported.
The police said the two security officials, after snatching the car, forced the victim to transfer the N400, 000 to their account, the police spokesperson in Edo State, Chidi Nwabuzor, told reporters.
The suspects snatched the car in Delta State but were arrested in Ekpoma, Edo State while on their way to Abuja to sell it, according to the police.
Mr Nwabuzor, a police superintendent, said the suspects who were arrested in military uniforms claimed to be personnel of the two security agencies.
He said the vehicle and military uniform were recovered from them.
The naval personnel, Mr Adamu admitted to reporters that he was arrested for stealing a Mercedes Benz C300 in Delta State.
"I was recruited into the Navy in 2019. I worked in Lokoja, Kogi state before I was posted to Warri, Delta state. It was when I went on a course in Sapele that I made the plan to steal a vehicle.
"After my course, Mr Abdulwahab (NCS officer) came to visit me and I told him my plans, assuring him that we would make money and he agreed to join me. We chartered a tricycle from Warri to Sapele for the operation.
"We saw a vehicle without a number plate in Sapele, we asked him to stop but he refused. We pursued him to a village where he finally stopped. And I told him, we are taking him to our office for driving an unregistered vehicle and he pleaded that we should settle the matter there but we refused.
"I took over the steering from him and started driving but when we got to Oghara Road, he offered us money to settle the matter and I told him to pay N500,000 but he paid N400,000 to a Point of Sale account which I gave him and was later transferred to me. We were driving to Abuja to sell the car when the police arrested us," Mr Adamu said.
Mr Abdulwahab admitted being invited for the job but said it was his first involvement in robbery.
