The youth, who were wearing monkey caps, approached Hitesh Jhaveri (46), a jeweller from Vejalpur area of the city, when he arrived outside the State Bank of India branch in his car to deposit cash.
As he was taking out the bags of cash from his car, they tried to snatch them. When Jhaveri challenged them and started shouting for help, they pulled out pistols and fired at him, police said.
The robbers fired around 8-9 rounds, killing Jhaveri on the spot and injuring Patel and Ganatra, and managed to flee on a two-wheeler with two bags of cash.
Ranjitsinh Solanki (32), who was driving the car, lodged a complaint with Satellite police station. As per his complaint, the total cash which Jhaveri had at the time was Rs 1.43 crore; a third bag containing Rs 34 lakh was left behind.
Patel received three bullet wounds in the stomach while Ganatra was shot in the legs. Both are undergoing treatment.