The youths shot at and injured one Rajan in full public view before snatching the bag containing Rs 41 lakh from him, Police Commissioner Ram Singh said.
Rajan along with his business partner was going to deposit the cash in the bank when the youths intercepted them, he said.
The youths fired two shots at Rajan's shoulder and leg in thickly-populated Shastri market before looting the money.
SHO Dilbagh Singh of the concerned police station had been suspended, the Commissioner said.
Rajan was admitted to a hospital where his condition was described as stable.
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