Police officials said the incident happened when Somnath Mitra was taking the cash from his office at Sadar Bazar area to deposit it at the Bank of Baroda branch located in the same building. A peon from his office was also escorting him.
"Four armed men were waiting outside the LIC office. They overpowered Mitra at gunpoint before he could reach the bank located a floor below, and fled with the bag containing the cash," Forbesganj SHO Vipin Kumar said.
Police has launched a manhunt to nab the looters. They are also investigating whether the criminals had prior knowledge of the movement of cash from the LIC office.