Kumar, a SBI customer-care employee, was on way to Chehrakalan village after withdrawing Rs. 4 lakh from the nationalised bank's branch at Mahua bazar.
He was accosted by four bike-borne miscreants who then snatched the bagful cash from him at gun point, Sub-Divisional Police Officer(SDPO) Ritesh Kumar said.
The looted cash was meant for distribution among the beneficiaries under a government welfare scheme.