One E Kameswara Rao, an employee at a shipping company in the city, withdrew Rs 6 lakh from his account with a leading private bank in Ramnagar area this afternoon.
As he came out of the bank, two young men on a motorcycle wearing helmets snatched the bag containing the cash and sped away, they said.
Additional DCP (Crime) S Varada Raju told reporters they were examining the CCTV footage obtained from near the bank branch to get leads in the case.