Kantilal Jaswantraj Mehta, 53, was threatened at gun point near Gujri Road around 6 a.m., close to the famed Mahadev Temple precincts near the city centre.
Mehta from Mumbai's Borivali area had just got off a private bus in Kolhapur, when the robbers wielding swords chased him to a deserted spot.
As Mehta attempted to resist the attackers, they assaulted him with the swords. A fourth person joined them.
A CCTV camera installed near the temple premises captured the entire incident. It showed Mehta writhing in pain on the ground, as the four snatched his bag and ran off, Investigating Officer Harish Suryawanshi said.
Later, the trader was admitted to a hospital. He belongs to a gold trading company in Mumbai. The Rajwada police station registered his complaint.
The police and Crime Branch have launched a massive manhunt in and around Kolhapur. Seven squads have been formed to trace the culprits.
The business community in the area is tense. This is the second such incident of its kind within a week that has taken place near the Mahalaxmi Temple.
Last week, a robbery of Rs 17 lakh was reported from the Kavala Naka locality.
The police suspect that specific information might have been available with the assailants prior to the attack.
The robbery was executed within a minute, the police officer said. At least one or two more robbers might not have been visible in the CCTV footage, he said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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