The incident took place when Vineet, a wholesaler of groceries, was returning on his scooty after collecting money from retailers at around 4 PM, they said.
"When Vineet reached near IMS institute, three bikers waylaid him. The robbers snatched his bag containing Rs 5 lakh at gunpoint," said Assistant Superintendent of Police Ashish Srivastav.
"An FIR has been registered against unknown persons and a manhunt has been launched to nab the robbers," he added.
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