The incident took place in Kothwali area of the district this morning when Sandeep was going to deposit Rs 18 lakh and some cheques into a bank on his bike.
"Sandeep worked as cashier with a company owned by Sanjay Goyal. At around 9.45 AM, he picked a containing Rs 18 lakh in cash and some cheques from his employer's house to deposit them into a bank.
"When Sandeep reached near the bank in Bajaria area, four bike-borne armed assailants waylaid him and asked him to hand over them the bag," said a senior police officer.
"When Sandeep refused to budge, one of the accused shot at him. Thereafter, all four attackers fled with the bag with Rs 18 lakh and some cheques in it. Sandeep was immediately rushed to a nearby hospital where doctors declared him dead," he added.
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The officer said that Sandeep suffered two bullets in his head and chest which led to his death on the spot.
The police suspect insider's role in the murder as accused knew Sandeep's movement in advance.