Mzuzu Standard Bank was robbed about K500 million cash around 7pm last night, according to Nation sources.
Sources say the thieves used Standard Bank branded vehicles and duped staff at the branch.
However, the thieves were chased by security and fortunately the thieves abandoned the vehicle with the cash at Jenda before the MRA roadblock.
At this point MRA staff started chasing them thinking they were mere smugglers.
The thieves abandoned the car with bundles of cash and proceeded with the other car.
Meanwhile, Jenda MRA police have recovered bags of money in an Ipsum after a shootout with the robbers.
Cash is being counted to ascertain the amount recovered so far.
We will give you a full report of what happened as our reporters get more details. Follow us on www.mwnation.com for more breaking and developing stories