The victim identified as I Sarbeswar Rao was returning home after withdrawing money from bank when the loot took place.
As per the report, Rao had been to State Bank of India Rayagada district headquarter branch in the noon in his Bolero. On return to his home after withdrawing cash worth Rs 1.4 lakh from the bank, the victim was approached by two bike-borne miscreants near Umashankar film hall who gave him false information that his SUV had developed oil leakage.
As Rao stopped the vehicle and alighted the same to check the leakage, the looters snatched away his cash bag.
Rayagada Town Police launched an investigation into the loot after Rao made a written complaint to it later in the day.
CCTV footages are being checked to trace the looters, said police.