The incident took place when Awdhesh Sah, a grain merchant, was returning on his motorcycle to his Madhaura village after withdrawing over Rs 9 lakh from an IDBI branch of the bank.
Eight criminals riding on four motorcycle intercepted his motorcycle and looted the cash from him on the point of revolver and decamped, Sub-divisional police officer(SDPO) Shamsh Afroz said.
A case have been registered and raids were on to nab the culprits, the SDPO added.