The incident occurred in Manak Chowk police station area where one Satyanarayan Sharma was carrying the bag in his car.
He halted near a market and went to a shop, leaving his friend and bag inside the car.
Moments later, a cycle rider came there and diverted his friend's attention and in the meantime, the bag was stolen, police said, adding that the empty bag was found near 22 Godown locality.
"The matter is being investigated to ascertain further details," a police officer said.