Indore: A 55-year-old private firm employee was shot dead in broad daylight by unidentified persons here today, who ran away with the victim's bag containing Rs 1.85 lakh, a top police official said.

Kailash Chandra Vishwakarma was shot from close range in Bhanwarkuan area here following which the miscreants ran away his bag containing Rs 1.85 lakh cash, Deputy Inspector General (DIG) Rakesh Gupta said.

Vishwakarma had withdrawn the money from a bank, which was to be handed over to the owner of his firm. However, the accused stopped Vishwakarma and threatened him with dire consequences demanding money. But when he put up resistance, they shot him in the chest from a close range, he said.

He was rushed to the government-run M Y Hospital, where he was declared brought dead.

Police have launched a search for the killers, Gupta added.