Robbers used a large drill to break into a German savings bank’s vault room and steal cash, gold and jewellery worth some €30 million (US$35 million), police said on Tuesday.
The robbery in the western city of Gelsenkirchen saw the thieves break into more than 3,000 safe deposit boxes, they said.
While the criminals remained at large, hundreds of distressed bank customers massed outside the branch on Tuesday demanding information but were kept at bay by police.
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According to police, the robbers drilled their way into the underground vault room of the Sparkasse savings bank from a parking garage.
Investigators suspect the gang spent much of the weekend inside, breaking open the deposit boxes.
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The break-in came to light after a fire alarm was triggered in the early hours of Monday and emergency services discovered the hole.
Witnesses reported seeing several men carrying large bags in the stairwell of the parking garage during the night from Saturday to Sunday.