At around 12.45 pm, four armed men barged into Laxmi Vilas Co-operative Bank at Matunga and threatened the bank employees and customers at gunpoint.

When the robbers entered the bank, there were only two customers and five employees, including three women, inside. They threatened the manager Ishwaran Jaiprakash and asked him to open the safe deposit vault. After emptying the bank coffer of over Rs 5,59,400, the robbers also relieved one of the customers of Rs 25,000. The robbers then made good their escape in a Maruti car.

The bank is located in the ground floor of the Devi Sadan residential society. The bank neither has a watchman nor a security alarm system.