The gunfight took place around 10.15 a.m. in west Delhi's Rohini Sector-24 area.
"Two of those arrested -- Sudhir and Vijay -- and one policeman Pradip received bullet injuries," Deputy Commissioner of Police Vikramjit Singh told IANS.
Pradip sustained injury in his thigh, the official said.
Another police official close to the investigating team told IANS that the other three accused were identified as Sanjay, Farman and Sunny.
"Two pistols and six live rounds of 7.65 mm ammunition, one country-made pistol with four live rounds of .315 ammunition and one knife were recovered from the possession of the accused," the officer said.
The officer said the police laid a trap and intercepted the criminals when they were moving in their vehicle near Begumpur check post -- a few metres away from the shootout spot.
"When the raiding team asked them to surrender, they opened fire," the officer said.
The officer said the gangsters, wanted in a number of heinous cases, including robbery, murder and attempt to murder, had planned to rob a property dealer who was to conclude a deal involving large cash transaction.
"The secret information (about the planned robbery) was received at Sultanpuri Police station (west Delhi) and we sent a raiding team to nab the criminals," the officer said.
The officer said those arrested are already charged under the stringent Maharashtra Control of Organised Crime Act (MCOCA).
