In one of the biggest robberies of recent years in Karachi, over Rs12 million were looted on Thursday evening by two private security guards.
The two security guards, Sanaullah and Sabz Ali of VIP Security Company, were hired by Al-Sahara Exchange Company.
The security guards looted the company's van after it had collected cash from different branches in the city.
The exchange company officials in their initial statement said that they were deprived of Rs12 million (S$260,000).
"The van was on its way to the Clifton branch when the guards overpowered the staff and looted the money. They then travelled in a different vehicle," said SP Clifton Dr. Asad Malhi.
The police set-up check points on the probable routes taken by the robbers, who abandoned their vehicle near the Shireen Jinnah Colony area of the metropolis, added the police official.
Malhi claimed that one of the guards was hired by the security company around one week ago.
"The suspect guard was appointed by the security company without his proper verification."
The police official added that initial investigations suggest the guards have no links with any militant outfit.
Another police officer said that the money changer and driver of the cash van have been detained for interrogation. The police have established a special team to arrest the suspects.
Inspector General of Police A.D. Khowaja took notice of the robbery and directed DIG South Azad Khan to submit a report urgently.
The country's biggest robbery had also taken place in Karachi in December 2009 when the robbers took away Rs311 million from a bank on I.I. Chundrigar Road.