Sanjay, 30, drove away in the van owned by Cash Management Services (CMS) around 10.50 a.m. from Karol Bagh area in central Delhi, police said.
The driver had joined the cash company Aug 31 and given a fake house address in office, police said.
According to a police officer, three other employees Amit Mishra, Kapil and F.D. Sharma (guard) were along with Sanjay when the cash van left its main office in Jhandewalan Axis Bank with Rs.83 lakh in the morning.
The van staff put Rs.5 lakh in an ATM in central Delhi's Faiz Road area and on reaching an ATM at Padam Singh Road in Karol Bagh Sanjay's colleagues carried away Rs.29 lakh to replenish cash in the Axis bank ATM, police said.
At this point, Sanjay drove off with the rest of the money, police said.
The van's guard raised an alarm and call up police, the officer added.
A statement issued by CMS company said: "Rupees 49 lakh were stolen from one of our cash transport vehicles in New Delhi. Police investigations are currently underway, and we are supporting the investigation."
"While joining the company Sanjay had informed the company management that he lived in Harkesh Nagar area in south Delhi but his address was later found to be fake," said the officer.