According to police, the incident took place at 10.30 AM when Biswajit, son of builder Ugrashen Sahu, was on his way to a branch of a nationalised bank at KIIT University area to deposit a sum of Rs 70 lakh in his car.
At a little distance from the Chief Minister's residence Naveen Nivas near Palaspalli flyover, the motorbike-borne men with sharp weapons blocked the car.
Threatening to kill him and his driver, the gang members snatched the bag containing the cash and fled, Biswajit alleged in the FIR.
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