The incident occurred last morning in Prahlad plot area of the city when two masked robbers threatened Amit Adesara just outside his house with a revolver and snatched the bag containing the gold, they said.
Adesara was on his way to office, police said.
"Initially, the victim in his complaint said that gold worth Rs 75 lakh was looted but after verifying the stock it has come to light that over ten kgs, with the market value of over 2 crore rupees, was robbed," said "A" division police officer M L Rathod.
Meanwhile, city Police Commissioner Mohan Jha today announced a reward of Rs. 50,000 for any information on the robbers within 24 hours.
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