Kochi: High drama unfolded at Kundannur in Kochi on Wednesday evening when four masked men stormed into a steel dealer shop, brandishing a gun and a sword, and sprayed pepper spray before fleeing with nearly ₹80 lakh in cash. The daylight heist, which occurred around 3.30 pm, left the shop’s staff terrified, who alerted the police.

According to Maradu police, the gang created panic inside the shop, snatched the cash, and escaped in a car within minutes. One person, a Vaduthala native who came to collect the cash from the shop owner, has been detained for questioning, while the robbers remain on the run.

Preliminary investigation points to a murky money deal as the backdrop for the heist. The police suspect the incident took place during a cash transaction between the shop owner, who hails from Thoppumpady, and the Vaduthala native man, reportedly an agent who mediated the deal, involving the exchange of around ₹80 lakh. According to the deal, the agent allegedly promised the shop owner a quick profit. Police sources said the agent promised him that if ₹80 lakh was given to him in cash, ₹1.1 cr would be returned via bank transfer. 

But before the deal was completed, chaos erupted. Just as the agent was counting the cash and two others who accompanied him, four masked men barged in, wielding a gun and a sword, threatening those inside and spraying pepper spray to immobilise them. Amid screams and confusion, the robbers grabbed the bag containing the cash and sped away in a car. Workers alerted the police soon after. In the meantime, two men who accompanied the agent also escaped.

"We are questioning those who were present and verifying the details of the money deal," said police sources. "The entire episode appears suspicious and could involve multiple layers of foul play. The vehicle used by the robbers is being traced." 

The police said the business owner has not yet filed a formal complaint and they are yet to register a case. The police are probing whether the heist was a targeted robbery or a double-cross during an illegal cash deal.