The victim was identified as Fakrudeen, who hailed from Khushinagar district in Uttar Pradesh.
The deceased lived with his family in a Gurgaon village and used to operate a money transfer agency.
“Fakrudeen was returning home from his office on a bike on Tuesday night. He was shot in the chest from point blank range when he confronted the looters,” police officer Usmaan Khan said.
The victim was rushed to a private hospital and was declared dead on arrival.
It was not clear how much money was in the bag that was snatched from him. “The amount usually remained between Rs 5 and 10 lakh,” his brother told police.