The victim, Balabhadra Das, a resident of Bahadalapur runs a foreign liquor shop in local Kuakhia bazaar in the district.
After closing the shop, Das was carrying Rs 70,000 cash and returning home on his motor cycle along with one of his shop employees late last night when the miscreants intercepted them, police said.
The miscreants allegedly assaulted and injured Das and his employee Mahendra Dalai before fleeing with the bag containing the cash and the motor cycle, police said.
A passerby informed the local police about the incident and police rushed both Das and his employee to the government hospital at Madhuban. Das was shifted to SCB Medical College and hospital in Cuttack when his condition deteriorated, police said.
Kuakhia police have registered a case in this connection and further investigation is on. Police barricaded several roads in the area to nab the accused. But they are still absconding.