Roshan Kumar was driving to a bank in his Maruti Ritz to deposit the cash which was kept in a black bag on the passenger seat.
Near the Rajouri Garden flyover, a stolen Chevrolet Beat overtook the Ritz and slammed into the driver's side.
As Kumar stopped, a man stepped out of the Beat and asked him to open the door. While Kumar hesitated, five bikes with two men on each surrounded his car.
One of them shot twice at the Ritz's windshield and smashed it. The robbers snatched the cash bag and fled on the bikes, leaving the Beat behind.
Police rushed to the spot after passersby informed them about the crime. Crime and forensic teams picked up fingerprints and other evidence from the crime scene. A case of armed robbery with intention to cause death has been registered under Section 397 of IPC.
Police said the Beat used in the crime was stolen from Rajouri Garden in 2012. The robbers seemed familiar with the area, and police say an insider may have tipped them off about the cash.
Ten police teams are working on various leads. They expect to get more clues from a turban-clad man seen in CCTV footage.
The robbery has raised questions on the law and order situation in the district and the police brass at the headquarters has formed special teams to crack the case, which is likely to be transferred to the crime branch if there is no breakthrough within 24 hours, a senior officer said.
In another incident of robbery, Rs 6 lakh was robbed from a businessman in Sadar Bazar area of north district on Friday morning.
The police said that the victim, identified as Gagan Khanna, had opened his tailor shop at about 8 am when three unidentified assailants made away with the cash at gunpoint.
No arrest has been made in regard to this incident yet and the police are probing the case after registering the FIR.
