Cash collected by a security agency from a store inside Quest Mall was snatched by bike-borne people while the money was being transported into the cash van on Monday afternoon, police said.

No one was arrested till late on Monday.

The incident happened between 2.45pm and 3pm when officials of a cash collection agency, accompanied by armed guards, were transporting around ₹12 lakh to the cash collection van which was parked on Shamsul Huda Road, the police said.

Two persons came riding a motorcycle. The pillion rider snatched the backpack containing the money and sped away. The motorcycle did not have a number plate. Both were wearing helmets, an officer said.

The incident happened in Beck Bagan and at the time the area was congested with vehicles, the police said.

“It is apparent that the criminals must have carried out a recce and observed the time and pattern of the cash collection. They were even aware of the bag in which the
cash was kept,” said an officer of Karaya police station
where a complaint has been lodged by the cash collection agency.

The police said in an ideal situation, the cash collection vehicle should have been parked inside the mall compound. The vehicle was parked on the main road outside and the
collection men were carrying the cash to the vehicle.

“The cash collection agency should have been a little more alert. The armed guards accompanying the collection agents could not do anything,” said the officer.

Four teams have been formed to probe the snatch.

The police said they will examine all the staff who were involved in the cash collection process.