The bike, belonging to Subhajit Ganguly, the president of the Fulbari Supermarket Traders Association, was stolen on Tuesday. He also lodged a complaint with the NJP police.
On Thursday, police recovered the motorbike and later found out that it was used in the ATM heist. On the same night when the bike was stolen, miscreants looted Rs 14.77 lakh from an ATM at Loknath Bazar.
Police have launched a combing operation to trace the culprits involved in the heist.
Meanwhile, the Bhaktinagar police have arrested a youth with an improvised firearm and one round of ammunition from Sevoke Road on Thursday night. The accused has been identified as Deepraj Singh, a resident of Upper Bhanu Nagar, Siliguri. He was produced in Jalpaiguri Court on Friday.