The incident occurred around 3.15 pm, the police said.
Two employees of the cement trader had withdrawn Rs 5 lakh from a private bank's Bank More branch and were supposed to deposit the amount in another bank, a police officer said.
On their way to the other bank, the bikers wearing helmets snatched the money and fled, the officer said.
The City Superintendent of Police Piyush Pandey directed the police to search CCTV camera footage to solve the case.
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