Senior Superintendent of Police, Awantipora, Muhammad Zahid Malik said Zakir Musa and his two associates burst into the Noorpora branch of J&K Bank limited in Tral area, fired in the air and looted Rs 97,256 before fleeing.
The incident occurred around 2 p.m., Malik said.
Zakir Musa has become the most wanted militant commander in the Valley after the Al Qaeda announced on its media affiliate, Global Islamic Media Front, that he had been made the chief of its Kashmir unit, named Ansar Ghazwatul Hind.
Musa was earlier in the Hizbul Mujahideen.
Police had earlier said three unidentified gunmen had looted the bank branch.
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