The ATM of Punjab National Bank is situated on Karnal road and the culprits also damaged a CCTV camera and destroyed other equipment there by setting it on fire before escaping yesterday, they said.
They also took away the hard disk attached to the computer, police said.
The crime came to light when the bank's control centre got information about the sudden stoppage of functioning of the ATM after which the local agency outsourced to maintain it was alerted.
The agency's men who rushed to the ATM found smoke emanating from the machine and Rs 22 lakh missing from it.
Police sources said that no security guard had been posted at the ATM.
Yesterday's incident came close on heels of a similar incident recently, in which Rs 21.50 lakh were stolen from an ATM in Kalayat town in the district.