The criminals approached the guard riding three motorcycles, held him at gunpoint and looted the money.
The incident took place near the railway tracks in Raja Bazar locality under the jurisdiction of Town police station, Officer In-charge A K Pal said.
The criminals overpowered the cash van's security guard Virendra Sharma and decamped with Rs 22.32 lakh cash, Pal said.
They also snatched the guard's gun, which was later found behind a medical store, he said.
Police are investigating the matter, Pal said adding, raids are on to nab the miscreants.
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