The arrested IP was an Officer In Charge of the Ministerial Security Division firearms depot.
It is also said that an organized crime gang was preparing to murder the former police officer in order to get the elite personal security weapon he was hiding.
According to the Western Provincial Intelligence, the suspect had a CZ-85 pistol in his possession which was used by ministers and elite security personnel and was used by the Ministerial Security Division and the Presidential Security Division for VIP security.
The Western Provincial Intelligence Division had received information regarding a plan by an underworld gang recently, to murder the Inspector of Police and seize the firearm.
Investigators arrested the suspect at his residence in the Galmatta area in Welipenna and found the firearm and ammunition.
In addition to the CZ-85 pistol manufactured in a foreign country, the Western Provincial Intelligence Division also found 248 9mm bullets, 370 rounds of ammunition, 4 magazines of the foreign made pistol and a hand grenade in the house of the former Inspector of Police.
The suspect was found in possession of a CZ-85 pistol made in Czechoslovakia. The 370 rounds of ammunition included 248 09mm rounds of live ammunition, a foreign made grenade, 88 rounds of 3.8 ammunition, 09 rounds of T56 ammunition, 08 rounds of 85s ammunition, 07 rounds of F5 ammunition and 10 rounds of point 2.2 ammunition.
According to the Intelligence Unit, the firearm had been issued to another police inspector by the Ministerial Security Division and he had handed over the firearm to the Ministerial Security Armory. The suspect IP had stolen it from the armoury and had taken it to him home.
An investigation has been carried out into the disappearance of the firearm and the police inspector who used the firearm had been charged and had even received a 'charge sheet' and had paid the value of the firearm to the Police Department, a divisional head said.
The suspect had taken the firearm in 2007 and had retired in 2008, the intelligence unit said.
The intelligence unit has launched an investigation to determine why he had brought in the firearm and ammunition.
The suspect was to be produced before the Matugama Magistrate's Court yesterday.