The five men entered the Manappuram Gold Loan office in a busy locality on Nashik road last evening and first disconnected the CCTVs, telephone lines and siren while holding the staff at gun point, they said.
The robbers also seized the mobile phones of employees, before entering the strong room where they robbed about 15 kg gold and Rs 3 lakh cash, Deputy Commissioner of Police Sahebrao Patil said.
The robbers then fled after locking all the employees in the strong room and pulling down the shutters of the office. The incident came to light when some customers noticed that the office was closed early and found the shutters down without being locked.
The customers and some local people then informed police, following which security personnel rushed to the spot. The locked employees could be released only after police broke the strong room at around 10 PM yesterday, the DCP said.
The manager of Manappuram Gold Loan office lodged a complaint regarding the robbery with Upnagar Police Station late last night.
Meanwhile, the vital exit points of the city have been sealed and Nashik Commissioner of Police Kulwant Kumar Sarangal has set up several police squads, which have been conducting an extensive search for the culprits.
No arrest has been made so far in connection with the offence, police said.