The incident took place on Monday when the victim, Manzoor Ahmad Teli, a resident of Pazalpora village was travelling in his car along with his 10-year-old son, a police spokesman said.
The gang of six youths had put up barricades on the road and they thrashed him and robbed him of Rs 47,000 which he was carrying at the time of the incident at Sheikhpora, Teli said in a written complaint to Police Station Pethkote.
Teli identified two of the accused as Bilal Ahmad Hurra and Mudasir Ahmad Lone, both residents of Mantrigam, and said the rest were wearing masks, the spokesman said.