Town police station SHO Narendra Singh said that the incident occurred when pulse trader Vivek Ranjan was going on foot to his shop located in Raja bazar after withdrawing Rs 5 lakh from a bank.
The miscreants, who were waiting outside near the bank secretly, snatched the bag containing Rs 5 lakh from him and fled from the scene, he said.
In another similar incident, miscreants decamped with Rs 75,000 after santching a bag from a person in Horilganj area of the town.