The incident took place when postal employee Satya Prakash Sharma and his driver Mahamood Hasan were delivering a bag containing Rs 3.84 lakh cash and postal stamps worth Rs 84 thousand at Vikas Bazar post office.
Sharma had kept the bag aside when the two motorcycle borne youths suddenly lifted the bag and fled.
"A team of Kotwali police is trying to work out the case, however, it doesn't seem like loot but trickery," SSP Nitin Tewari said.