A farmer of Dhurkot village in the district was allegedly robbed of R3.55 lakh soon after he withdrew the amount from Punjab National Bank at Jubli Chowk at Faridkot on Saturday.
Sources said as the victim, Balbir Singh, came out of the bank with the money, somebody called him from behind and asked him that his 'kurta' had got dirty.
"As he turned around to look at his 'kurta', unidentified people snatched the bag containing the money and fled the spot. A girl was also allegedly involved in the crime," sources added.
The police authorities, on other hand, deny any snatching incident.
"The old man had withdrawn money from the bank, but he had placed the bag on something outside a furniture shop, about 100 metre from the bank, and began to wash his dirty clothes when someone made off with the bag," Gurmeet Singh Randhawa, senior superintendent of police, Faridkot, said.
"The police have registered a case of theft against unidentified people and we are investigating all the aspects of the case," he added.
It is learnt that the victim was accompanied by his 17-year-old grandson and he had reportedly not handed over the bag to the boy.
The area where the incident took place is a busy and crowded place and branches of some other banks are also located there.