Police informed that at around 11.15 am, the bank's van, which had the cashier, watchman and peon in it, along with cash worth Rs 52.95 lakh, left the Aarey extension counter at Goregaon to deposit the money in the bank's Fort branch.

When the van slowed down at the Bahar cinema signal near Sahar airport, it was waylaid by a green Maruti van. Eight to ten men armed with revolvers and choppers got off the Maruti and began hurling soda-water bottles and stones at the bank vehicle, forcing its driver to screech to a halt.

They then opened the doors of the van and attempted to snatch the trunks carrying cash. But the bank's watchman, 42-year-old Baban Dadasaheb Jagtap, who had a .12 bore rifle with him, offered resistance to the robbers and fired a round at them. The bullet, however, escaped its target, and the robbersassaulted Jagtap with a chopper, severely injuring his right hand.

After this, the robbers snatched the trunks from the cashier, Pramod Gunaji Patil, and the peon and decamped with the cash.

The cashier and peon have registered a case of robbery at Vile Parle police station. Jagtap was discharged after administering first aid at Veera Desai Hospital.

The number of the robbers' Maruti was relayed by police to wireless mobile vans throughout the city, and police officials were initially confident that the Maruti would be found abandoned at some spot in Mumbai. But even six hours after the robbery, there was no trace of the vehicle, leading the cops to believe its number-plate may have been fake. ``Had it been genuine, we would have definitely located the vehicle in two hours,'' said a police inspector from the central police control room.

Police officers at Vile Parle police station suspect the robbery was ``an inside job.'' According to them, the Maruti must have followed the bank van from Goregaonitself, and the robbers intercepted the van only after it slowed down. ``Someone from among the bank staffers must have tipped off the robbers. Otherwise how would they have known that the van was carrying a large amount of cash?'' said a sub-inspector from Vile Parle.