The incident took place at around 9.30am on Tuesday near the Lajpat Nagar Metro station in south Delhi.
The robbers were traveling in a WagonR which they left behind, police said.
The robbers faked an accident and started an argument with the driver after which they held him at gunpoint and threw him out of the car.
Police are yet to ascertain who the money belonged to and why was it being ferried in such a casual manner.
A similar incident took place in 2012 when robbers stole Rs 5.25 crore from a van after shooting the guard dead.
The cops are questioning the driver of the Honda City, Rakesh, about the incident. He told the police that he was delivering the money to a person in Karol Bagh. The police said that the robbers knew about this and the exact time of the delivery and that the Honda City was being followed throughout.
Joint CP Vivek Gogia, who also handled the van robbery case, is in charge of the investigation.
All border entry points have been sealed and efforts are on to trace the Honda City. CCTV footages are being scanned to identify the robbers.
A second car, a Hyundai Verna (HR 26 BQ 1105), used by the robbers, has been recovered about 2km from the area.
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