The seven robberies the gang committed were in Damoh, Jabalpur, Panna and Katni districts.
A gang of six people, including an engineering graduate, which robbed ATMs by blowing them up with explosives was busted in Madhya Pradesh, the police said on Sunday.
The gang had blown up seven ATMs so far and looted Rs 46 lakh, senior police official (Sagar Zone) Anil Sharma told reporters on Sunday.
"They would conduct reconnaissance of ATMs to find out how much cash was stored in them. They would open the ATM by exploding a gelatin stick near the cash tray using a motorcycle battery," the IG said.
"One of the arrested persons, Devendra Patel (28), has a civil engineering degree and had also appeared for the UPSC exams. He used to device ways of committing robberies after watching television crime shows. We seized fake currency with face value of Rs 3.50 lakh and equipment from Patel," Mr Sharma said.
He said Rs 25.57 lakh cash, two country-made pistols, eight bullets, detonators, colour printer, three motorcycles, gelatin sticks, mobile phones and laptop have been seized from the gang.
The seven robberies the gang committed were in Damoh, Jabalpur, Panna and Katni districts.
On July 19, they had looted Rs 22 lakh from an ATM in Panna in this manner.
The other five members of the gang were identified as Santosh Patel (27), Nitesh Patel (25), Jairam Patel (32), Rakesh Patel (24) and Surat Lodhi (30).