Mohan Maratha along with his associate Abhishek Soni was on his way to a bank to deposit Rs 31 lakh packed in two separate bags containing Rs 28 lakh and Rs 3 lakh.
The duo was on a motorcycle when the miscreants hurled chilly power at them and snatched the bag containing Rs 28 lakh and sped away, SHO Kolgate police station Sanjya Bothra said.
"The matter is under investigation and efforts are on to identify and locate the accused," he said.