According to the officer, the quantum of the loot has been assessed at Rs 2.85 crore, which included 10 kg gold, 6 kg silver, some cash and other jewellery.
The heist came to light on Monday when the staff of the Juninagar branch of Bank of Baroda returned to work after weekend and found 30 out of the 225 lockers broken.
According to the officer, though the culprits are yet to be identified, the burglary seemed to have been planned around five months back.
Police suspect the name and address mentioned on the Aadhar card of the person who had taken a shop adjacent to the bank on rent is fake.
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The shop was rented out to one Gena Bachchan Prasad in May 2017, the officer said, adding that the tunnel, which opens in the locker room of the bank, was dug over a period of five months.
Replying to a query on possible involvement of any bank official, he said, "Until now, nothing has come out to point involvement of the bank officials. However, we are investigating the case from all angles".
Police had registered a case under relevant sections of the IPC at Sanpada police station.