A youth was allegedly kidnapped by unidentified persons in a car on the Mall Road here on Friday afternoon.
The victim, Sector 9 resident Sandeep Singh, had come to Axis Bank to deposit Rs one lakh. He was accompanied by his friend Resham Singh.
The abductors also took away Sandeep's motorbike from the spot.
Sources in the bank said that after depositing Rs one lakh cash, Sandeep got Rs six lakh transferred electronically from his bank account to a Chandigarh-based bank this afternoon.
The money was transferred to purchase an earth removing machine.
Sandeep's family claimed that he was carrying some cash but sources confirmed that Sandeep didn't withdraw any money from the bank.
No complaint of any past enmity is disclosed by the family.
Police sources said that they were scanning video footage from a CCTV camera installed on the first floor of the bank, which is an office of a local cable TV operator.
Meanwhile, the police had alerted district police and had contacted the authorities in the adjoining districts to nab the accused.