A group of suspected armed Maoists looted around Rs 1.8 million from Karnali Development Bank in Nepalgunj Monday afternoon.

A reporter in Nepalgunj told Nepalnews that five armed rebels, who came in bicycles, took the guards of the bank under control at around 12 p.m. and looted Rs 800,000 from the front counter and another Rs one million from the vault and inner rooms.

The looters pointed guns at the officials and guards and took out the money within 15 minutes.

Security forces have been deployed to search for the looters but they have not been tracked so far.

The Bank is yet to comment on the incident and the exact amount of money is also yet to be verified.

Details are awaited.