According to police, two armed robbers entered the jewellery shop last evening on the pretext of buying gold.
They said one of them caught hold of the employee stationed at the shop while the other snatched away the money bag from its 65-year-old owner Vijendra Kumar Jain.
"As soon as the attackers saw that the employee and owner were busy in their respective works, one of them caught hold of the employee while the other snatched the money bag from Jain," said a police officer, adding, at that time Jain was counting the money kept on the shop's counter.
The police said the robbers had looted around Rs 1.75 lakh in cash and about 300 grams of gold from the shop.
The official said they have checked the footage of the CCTV camera installed at the shop but identity of the accused has not been established yet.