Police said Prem Pal was going to a bank branch to deposit collections at his two petrol pumps on a car, when the criminals on another car waylaid him and looted the money.
Senior Superintendent of Police (SSP) Akhilesh Kumar, who reached the spot soon after the incident, said combing operations were being carried out to nab the criminals.
The petrol pump owner has filed a complaint with the police, the SSP added.
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