"The motorbike miscreants threw chilli powder in the eyes of Murlimanohar Agrawal and snatched away the bag stuffed with money which he was carrying to deposit in a nearby bank," police control room sub inspector D S Singh said.
After getting information about the loot, police swung into action and reached the spot.
Onlookers passed on registered number of the bike to police who after initial investigation found it fake, Govindpura police station spokesman said.
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