A shop manager in Popondetta in Papua New Guinea's Northern Province, was shot dead by an armed gang in front of a bank on Tuesday morning.
The gang then drove away in a vehicle with two bags containing substantial amount of money.
The incident brought chaos to the town with all business houses closing their doors while police hunted for the robbers, whose vehicle was found abandoned on the outskirts of Popondetta.
The victim had been walking up the steps of the Bank South Pacific branch to deposit the weekend takings from a supermarket just after the bank had opened for business.
He was shot after refusing to hand over the bags.
Police have said they know the identities of the alleged killers.