The incident took place outside a co-operative bank in the Gangapur Road locality around 1.30 pm, said a police official.
When the two employees reached the bank on a two-wheeler for depositing cash, some unidentified men approached and told them that they had dropped currency notes on the ground.
When the employee who was holding the cash bag bent down to look for notes, the con men lifted the bag and fled from the spot.
The incident was captured in CCTV cameras outside the bank, the police official said.
Police commissioner Ravindrakumar Singhal visited the spot with senior officials after the incident, he said, adding that probe was on.