The youths, all of them wearing helmets, pushed the man to the ground and snatched the bag containing the money before speeding away.
Yesurajan, president of the Fish Workers Co-operative Society at Vizhinjam, had withdrawn the money from the branch of Canara Bank at Ayurveda college junction. The amount was meant for distribution to fish workers at an interest-free loan mela scheduled to be conducted at Vizhinjam tomorrow.
Yesurajan told the police that the bikes bore Uttar Pradesh registration numbers.