The incident happened at the M&T Bank on Second Avenue on the Upper East Side. Authorities say the man had workers take him the vault, where they gave him approximately $41,000.
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He reportedly fled the scene, unaware that the worker had also put a tracking device in the bag.
Armed with the general description of a black male wearing a leather jacket and carrying a duffel bag, police honed in on the tracking device.
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Officers with the Strategic Response Group spotted the man on foot at the intersection of East 116th Street and Park Avenue in East Harlem -- and chased after him as he ran away. Part of the chase was captured on surveillance video. Check it out here:
Raw video: Surveillance shows officer chase bank robbery suspect
Duane Edward Moore, 58, was taken into custody, and charges are pending. The cash and a weapon were recovered.
"He looked at us, we looked at him, we knew it was him," one officer said. "And after a short foot pursuit, we put him under arrest."
Authorities say he is being eyed for three previous hold ups that allegedly netted him an additional $19,000.