Badan Singh and his wife Kamlesh, 55, were sleeping on the terrace of their Gangvihar colony residence, when five armed youths scaled the wall of the house early this morning, they said.
"Accused tied Singh and Kamlesh with ropes and held them hostage at gunpoint.
"When Badan and his wife tried to resist them, one of accused attacked them with a baseball bat," a senior police officer said.
On hearing the screams, a neighbour - Vijender Sharma - knocked at Singh's door, which forced the armed youths to ran away with the looted amount of Rs 10 lakh, police said.
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Neighbours rushed the couple to a nearby from where they were referred to Air Force Hospital at Hindon IAF Station in Ghaziabad.
A forensic department team visited the house and collected evidence.
Singh's son, is a doctor with Indian Air Force and posted in Hyderabad, has been informed about the incident, they said.
"We have registered a case and are interrogating neighbours and Singh's relatives to get some leads in the case. All accused would be arrested soon," Circle Officer, Ghaziabad, Ranvijay Singh, said.