TAIPEI - A man in Taiwan was robbed of more than $2 million in cash that he had just withdrawn from the bank, a police official said on Tuesday.

Three masked gunmen robbed the 50-year-old victim on Monday afternoon in the southern city of Tainan, logging the highest-value robbery in city history with a heist of T$77 million ($2.39 million), said a police investigation official surnamed Chang.

The gunmen approached the victim, surnamed Tsai, as he drove from the bank to his watch shop nearby, Taiwan's Central News Agency said. One shot a shop employee in the foot during a scuffle to fight off the gunmen, the agency said.

Police are looking for the three men while advising people in the 769,000-population city to be more vigilant.

"We're putting out a notice on public safety, telling citizens that we're ready stand beside them for protection as they use the bank," Chang said.