Police inspector N C Patil of the Walive police station told PTI that the businessmen Abhishek Mantri had the collected Rs 45 lakh from Hyderabad and reached Mumbai in a car.
At around 1.45 am early today morning after he got down from his car en route near Vasai Phata, a car came from the opposite direction and halted in front of his car.
Four people aged between 20 years and 25 years got down from the car and attacked the merchant with an iron rod, broke open his car's dickey and fled with the suitcase containing his cash, the police said.
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