The school, aided by the Welfare Department of Jharkhand, is for the physically challenged students and run by physically challenged people including its faculty.
A founder member-cum-teacher Deodhari Karmal, along with another person, was returning to school when a tyre of their motorcycle deflated near a hotel, Superintendent of Police M Tamilvanan said.
As Karmal asked his colleague to repair the vehicle and was about to go to a hotel the unidentified miscreants committed the crime, the SP said.
Tamilvanan said a hunt was on to apprehend the culprits, who managed to escape with the booty.
The money was meant to bear school expenses including food of the students, he added.