The incident happened when 34-year-old sub-inspector, S Jagdish, attached to Doddaballapur police station, along with four constables had gone to the town to catch the father-son duo involved in crimes such as house and motorcycle thefts.
Police said the SI who was chasing the culprits got involved in a scuffle with them, slipped and fell into a barren canal following which they stabbed him with the weapon they had.
A constable, who rushed to his rescue, was injured and he is undergoing treatment at a hospital, police said.
"Police have got into action... Police department will make all efforts to trace the criminals and bring them to justice," Minister of State for Agriculture and in-charge of Bangalore Rural, Krishna Byre Gowda said.
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"We are going to support his family to the extent possible. Rs 30 lakh ex-gratia will be paid to the family, Rs 20 lakh group insurance will be paid along with other benefits," he said.