The incident occurred last night inside the premises of Ranvad co-operative sugar factory in Niphad tehsil in the district, D P Bhagwat, in-charge of Pimpalgaon Baswant police station said.
The thieves opened 44 of the 75 lockers at Nashik District Co-operative Bank and looted golden ornaments and cash kept inside them. The robbery came to light this morning when the staff members noticed the broken lockers, he added.
The value of stolen material is yet to be ascertained, the official said.
A case has been registered in this connection against unidentified persons under relevant sections of IPC, police said, adding investigations are underway.