One other person believed to be a suspect was killed during a shootout with the security officers on Etna Lane near Julius Nyerere Avenue.
Two officers sustained gunshot wounds and were rushed to a nearby hospital.
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KZN police spokesperson Robert Netshiunda says a manhunt has been launched for the four suspects who remain at large.
“At least five armed suspects reportedly approached a cash-in-transit security and robbed them of an undisclosed amount of money in a cross-pavement cash-in-transit robbery. And a shootout ensued between the guards and suspects.”