The incident occurred when Nasir Baksh, after withdrawing Rs 24,000 from the bank under Kotwali police station area, was busy making entry of the transaction in his passbook at a machine adjacent to an ATM located near the bank.
In the meantime, somebody cut his bag and stole Rs 20,000.
Baksh realised about the theft later and approached the police.
"We started investigation after Baksh approached us. We are going through the recording of CCTV camera installed at the machine," said Kotwali police station Assistant Sub Inspector, Kailash Rathore.