Momin, who was on his way to the Azadpur Mandi in Delhi, was offered a lift by unidentified men near Pari Chowk here, they said.
The assailants then brandished a gun and took away the victim's mobile phone and Rs 70,000, police said, adding that Momin was dropped at a few hundred metres away by the accused.
A case has been registered and efforts are on to nab the culprits, police added.