The incident occurred at 2.25 PM when the driver of the cash van had taken out the bags containing Rs 5 lakh. The money was to be put in an SBI ATM, said a senior police officer.
Three men arrived on a motorcycle and one of them got off, brandished a weapon and snatched the bags from the driver before fleeing from the spot, he added.
The accused were wearing helmets so the driver couldn't see their faces, he said.
The driver was accompanied by a security guard who had a weapon. The security guard claimed that the incident happened so quickly that he couldn't react, according to the police.
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