Shynesh, hailing from Kannur in Kerala, along with his four friends had gone to Tiruchirapalli to purchase building materials on the advise of one Rajesh, police said.
However, Rajesh told them to go to Coimbatore, since the materials were lying there and sent two of his accomplices in another vehicle.
As Shynesh reached Vellakoil, six persons, some dressed as police officials, waylaid he vehicle in the early hours, and in the pretext of search snatched the bag carrying Rs 50 lakh and asked to follow them to police station.