Rajaram, 40, was travelling in the van this morning when the robbers opened fire near Kotsarai area.
"The robbers were chasing the van in an SUV. At Kotsarai area, they overtook the van and opened fire," said SSP Mohit Gupta, adding Rajaram was shot dead when he tried to challenge them.
"The cash is safe and has been deposited in the bank under police protection. A massive hunt has been launched in all the adjoining districts," added Gupta.