A section of Wanstead High Street is currently cordoned off as police deal with an attempted robbery.
Eyewitnesses say that there was an attempt to rob a Securicor van outside Boots the chemist.
A spokesman for Redbridge police said: "Police are in attendance on Wanstead High Street dealing with a robbery.
"One suspect has been arrested."
Witnesses at the scene reported hearing gunshots.
But the police spokesman denied there had been any shots fired.
He said: "The sound people heard was two cars bumping together."
The cordon stretches from Boots to the Co-op supermarket and is causing disruption to several bus services.
More to follow.
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