Parvinder Singh, the cashier, and his peon Shiv Sagar Singh were on way to deposit Rs 34 lakh in a bank when they were attacked by the thieves, police said.
As the duo came down from their office, police said, adding the two thieves threw chilli powder in their eyes and snatched the bag in which the money was kept.
Taking note of the incident, Director General of Police Ambrish Chandra Sharma has suspended Kotwali inspector Santosh Kumar Singh with immediate effect.