KARACHI: Armed robbers looted more than Rs15 million from employees of a foreign company in the city’s Fishery area, police said on Monday.

According to officials, a Korean company operating in the Fishery was in the process of shutting down its factory and had withdrawn funds to settle dues, including bonuses, for its employees.

Police said the company’s cashier had withdrawn Rs14.4 million from a private bank located within the Fishery premises, while another Rs760,000 was already in his possession.

According to police, as soon as the vehicle reached the company from the bank a few steps away, five armed suspects riding on three motorcycles surrounded them. During the heist, the robbers snatched a weapon from the security guard and fled after seizing both bags of cash.

According to police, the investigation has been started and CCTV is also being obtained.

Investigators suspect that an insider from the factory staff may have been involved in the heist, but added that a final conclusion can only be reached after a detailed inquiry.