More than 20 years after a fake road crew used signs and traffic cones to stop a Melbourne Armaguard van and allegedly steal $2.4 million in cash, a man has been charged by police.

Five bandits posing as road workers stopped the fortified vehicle on the on-ramp to the Monash Freeway in Richmond before allegedly stealing the cash in June 1994.

The audacious gunpoint robbery was dubbed the “road gang” heist.

Twenty-two years later, police raided a Seddon property on Friday morning, arresting a 59-year-old local man.

He’s due to appear in the Melbourne Magistrates’ Court on Friday charged with armed robbery, robbery, kidnapping, false imprisonment, vehicle theft, handling stolen goods and money laundering.

Purana Taskforce detectives reopened the case two-and-a-half years ago.

In March 2014 they charged a Melbourne lawyer with attempting to launder some of the stolen cash.

The investigation then spread to Queensland with police suggesting at least one of the thieves travelled there after the robbery in a ute used in the heist.

Victoria Police Assistant Commissioner Steve Fontana in 2014 said the case was well planned and violent but also “very solvable”.

It was revealed an Armaguard employee may have been part of the plot, with the company offering a $100,000 reward for new information.

In August 1994, a man and a woman visited a Melbourne CBD bank to try to exchange $40,000 in cash police allege came from the heist.

They were caught on CCTV and left some of the money behind after being spooked.

– AAP