Brazil's Federal Police say they have arrested nine men suspected of stealing millions of dollars in an explosive assault of an armored car company in neighboring Paraguay.

Regional federal police inspector Fabiano Bordignon said at a Tuesday news conference that the nine are suspected of being among the estimated 50 men who used assault rifles and explosives to blast open the vault of the armored car company across the border in Ciudad del Este and then escaped into Brazil.

Bordignon said the amount stolen would be announced later in the day. Some local news media say about $40 million was stolen.