The bank, located in Bargawan area, did not have proper security arrangements, cops said.
Six members of a gang from Bihar allegedly stole gold worth nearly Rs 5 crore and Rs 3.5 lakh in cash from a bank offering gold loan in Madhya Pradesh's Katni district, a police official said on Sunday.
The incident took place on Saturday. The six robbers, masked and armed, came on motorbikes and looted the valuables and cash from the bank at gunpoint, Katni Superintendent of Police (SP) SK Jain told PTI over phone.
The bank, located in Bargawan area, did not have proper security arrangements, he said.
Mr Jain said according to bank officials, the robbers took away gold worth Rs 4 crore to Rs 5 crore and Rs 3.5 lakh in cash.
Asked about some reports claiming the robbers stole 16 kg gold worth Rs 8 crore, the police officer said bank officials did not inform them about the weight of the precious metal looted.
The robbers, in the age group of 25 to 30, were from Bihar, Mr Jain said, adding the gang members have criminal records in that state.
The accused were not much educated, he said.
Efforts were on to arrest the accused, he added.