Men Impersonating India’s Central Bank Officials Stage $800,000 Cash Heist in Bengaluru

Police in India’s southern state of Karnataka are searching for a group of men who posed as officials from the Reserve Bank of India (RBI) and made off with 70 million rupees (about $800,000) during a broad-daylight robbery in Bengaluru.

According to police, the incident happened on Wednesday afternoon when six men in an SUV intercepted a cash-transport vehicle moving funds between bank branches. Bengaluru Police Commissioner Seemant Kumar Singh told the BBC that the van was staffed by a driver, a cash custodian, and two armed security officers.

The men reportedly claimed they were RBI personnel conducting document checks related to the movement of such a large amount of cash. Police say the suspects instructed the custodian and guards to leave their weapons in the van and enter the SUV, while the driver was told to continue on the route with the money.

The SUV trailed the van for several kilometres before the group stopped both vehicles, directed the occupants out, transferred the cash at gunpoint, and then escaped. Investigators say CCTV coverage in the area was limited, making it difficult to track the suspects’ movements. They are also examining whether more than one vehicle was used in the operation.

The cash-handling company responsible for the transport has filed an official complaint. Police say the SUV used during the heist carried fake government markings and a fraudulent number plate. Investigators are also looking into the possibility of insider involvement.

Karnataka Chief Minister Siddaramaiah confirmed that police have found the SUV believed to have been used initially. However, Home Minister G. Parameshwara noted that the suspects later switched vehicles, making it harder to trace their escape route.

He expressed confidence that detectives will resolve the case, pointing to the police’s recent success in cracking other major financial crimes. In May, for example, authorities recovered a large portion of gold stolen from a Vijayapura district bank and arrested several people, including former staff.