The miscreants allegedly looted Rs 10,000 from the businessman at gunpoint.
On the basis of tipoff, the police reached the spot to nab the robbers and also engaged in an encounter with them for more than an hour.
However, after several hours of a search operation, the police could not nab the robbers and they managed to escape from the site.
Meanwhile, Regional officer Rajkumar said that a case has been registered against unknown miscreants and investigation was launched to trace them.(ANI)