Around 12.15 pm, Basappa Prabhaiyya Gurunath, clearing officer of Veershaiva Cooperative Bank along with a security guard had hailed an autorickshaw to deposit Rs 10 lakh in the Maharashtra State Cooperative Bank Ltd at Chembur. As the three wheeler passed through D K Sandu Marg, it was intercepted by a Maruti Esteem car. Five men armed with revolver and choppers got down from the car and threatened the rickshaw driver and bank officials.

The unidentified men snatched the bag containing the cash and the .12 bore rifle from the security man and fled. Gurunath lodged a complaint at the Chembur police station.

``We are looking into the an insider's hand in the robbery,'' a police officer from Chembur police station said.