Police said the incident occurred when the owner of travel agency was taking out from his bike the cash, which he had withdrawn from a private bank branch at CRPF square.
The miscreants came in a bike and snatched away the bag containing Rs 13 lakh.
This was the second incident of snatching here within three days. Miscreants had looted Rs 98,000 from a man at Saheed Nagar area on Wednesday.
A manhunt has been launched to apprehend the culprits, Deputy Commissioner of police Nitinjit Singh said.