Police search the scene of an armoured car robbery at Fairview mall. (Tony Smyth/CBC)

After a near six-month investigation into the robbery of armoured car at Fairview Mall last January, police announced on Friday that early morning raids have netted 11 arrests. 

Project Nose Dive, as it's been called, stems from an incident at Fairview Mall on Jan. 20, 2014, involving the robbery of a G4S Cash Solutions armoured car in the parking lot.

It is alleged that two men, wearing balaclavas, pulled guns on the security guards who were making a delivery. Shots were exchanged between one of the security guards and one of the men. A quantity of money was taken and both men fled in a silver vehicle, which police found nearby.

The armoured guards were not injured during the robbery.

Beginning Thursday, Toronto Police executed 10 search warrants across the GTA and arrested 11 people. Four of these arrests are directly involved with the armoured car robbery. Other arrests were in relation to an unrelated street robbery on May 23, and narcotic offences.

A quantity of marijuana, cocaine, hashish, psylocybin, MDMA, Canadian currency, a .45 calibre handgun and three replica handguns were seized.