The incident occurred when Santosh Kumar was on his way to deposit the money at a 'Grahak Sewa Kendra' at Baghiya village after withdrawing the money from SBI's Turkaulia branch, Station House Officer of Kotwa police station, Rajesh Kumar, said.
After looting Rs 2.38 lakh from the man at a place between Dipiu and Okra villages, the miscreants fled from the scene.
Raids are being conducted to nab the culprits as they have been identified, the SHO said.