Superintendent Noli Taliño, city police chief, believes the heist was well-planned since it was over in five minutes.
Bank teller Griselle Soberano, 22, and security aides Noli Taberna, Warly Zapatero and Jerry Taoingan were just 10 meters away from the Export Bank, where they had picked up the money, when they were held up along Perez Boulevard.
Soberano’s group was aboard a Land Cruiser since their bank’s armored van needed repairs.
The robbers, who were riding in an Isuzu Crosswind, blocked their path, alighted and pointed their long firearms at Soberano and her escorts.
They destroyed the rear right side window and took the two bags containing the money. They also divested the three security personnel of their 12-gauge shotgun and two caliber .38 revolvers.
Taliño said the Isuzu Crosswind bore an "8" license plate used only by members of the House of Representatives but lacked the congressional district from where its owner supposedly hailed.
The robbers abandoned the Isuzu Crosswind in Barangay Pogo Grande where they transferred to a Tamaraw FX.
Police found an M-14 rifle with one live bullet, two ski masks and a sweatshirt inside the Isuzu Crosswind. The Tamaraw FX was found abandoned in Barangay Parongking in Calasiao town, about five kilometers away from this city, yesterday afternoon.