The incident took place when Father Silvestor was returning to Bishop House after withdrawing Rs 8 lakh from a nationalised bank in Cantonment area here, police said.
When he reached near Bishop house, two miscreants intercepted him and snatched the bag in which he was carrying the cash and fled the spot, SHO Pradeep Chandel said.
A manhunt has been launched and further investigations are on, the SHO said.