Story highlights Bag containing jewel haul recovered by police

Three suspects in custody will be held for an additional 24 hours

Paris (CNN) All the jewelry reported stolen in an audacious heist at the Ritz Hotel in Paris has been recovered, a source close to the case has told CNN.

Previously, CNN reported that a bag found at the scene of the crime in the famed luxury hotel was "likely to contain" the jewels, worth over €4 million ($4.8 million), that were stolen from the hotel, citing a spokesman for the city's public prosecutor.

Three suspects are in police custody and will continue to be held for an extended 24 hours, a judicial source told CNN. A manhunt's underway for two others who fled the scene.

The audacious robbery attempt was carried out on Wednesday evening, when a gang of ax-wielding thieves stormed the hotel, busted into display cases and snatched the precious jewelry.

Terrified guests were forced to take cover as shots rang out, witnesses said.

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