The incident took place when Jogi Ram, an employee of a gas agency, was going to deposit the money in the bank, they said.
Three assailants came out of a car and snatched the bag from the man after pushing him on the road, the police said.
Station house officer (SHO) Jai Narain Sharma said efforts are being made to trace the car through the CCTV footage collected from nearby areas.
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