In a daring daylight robbery, five masked gunmen raided a money exchange at gunpoint in Karama area of Dubai, UAE, and decamped with a huge amount of cash on Sunday, said a report.

The raid at the Al Razouki Exchange was all over in around five minutes, reported the Gulf News, citing a senior official at the exchange.

"The robbers entered the exchange’s Karama branch at about 4.30 pm and within a minute disappeared with the entire day’s cash, likely to be around Dh1 million ($272,192)," said the official.

"A CCTV camera showed that the suspects were inside for approximately a minute. Following the incident, the general manager of the branch called the police and they are still assessing the situation," he added.

Meanwhile, a 50-year-old Pakistani restaurant worker, who was inside the exchange at the time of the incident, said five men armed with pistols rushed in and sprayed the counter staff and customers with some gas that made them teary and start coughing.

"One of the gunmen then shouted ‘hurry, hurry’ to his partners in English. I couldn’t make out his accent," he added.

The police have launched a man hunt for the culprits and is going through the CCTV camera footage near the scene of action for more clues.