The victim, Mr David Ongom, a 42-year-old accounts clerk at Lumolo Trading Company, was on his way to deposit the cash at Dfcu Bank's Mbale branch when the robbery took place.

Mbale City Police are investigating a daring daylight robbery in which a businessman lost Shs50 million on Noboa Road.

The incident, which occurred at around 11:30am on Monday, has heightened concerns about security in the bustling commercial hub.

The victim, Mr David Ongom, a 42-year-old accounts clerk at Lumolo Trading Company, was on his way to deposit the cash at Dfcu Bank's Mbale branch when the robbery took place.

Mr Ongom had earlier deposited Shs42 million at the bank and was carrying the remaining amount to complete the transaction.

According to a police report, as Mr Ongom rode his motorcycle along Noboa Road, an unidentified assailant suddenly yanked him off his bike.

The attacker sprayed red pepper into Ongom's eyes, incapacitating him, before grabbing the bag containing the Shs50 million.

As Mr Ongom attempted to retrieve the bag, a second suspect armed with a gun emerged from a parked dark blue Toyota Corolla.

The assailant shot Mr Ongom twice in the left thigh before the pair fled the scene in the vehicle.

Mr Ongom was taken to Mbale Regional Referral Hospital, where he is receiving treatment for his gunshot wounds.

Medical personnel have confirmed that he is in stable condition.

The Police have launched a manhunt for the suspects and are urging anyone with information about the incident to come forward.

This brazen attack has left Mbale residents and the business community concerned about escalating insecurity in the area.

Police have reiterated their commitment to enhancing security and ensuring that the perpetrators are brought to justice.