Contractor Sushil Kumar had collected Rs 10 lakh from a builder in Gyan Khand and was on his way home in his car when two unidentified bike-borne assailants intercepted his car and snatched the briefcase containing money at gun point, said SHO Indirapuram Gorakh Nath Yadav.
The accused then fled away from the spot, police said.
An FIR has been lodged against two unidentified robbers.
Police said they are investigating the case and a manhunt has been launched to nab the accused, officer added.