Seven masked men armed with knife and dandas, broke into a house at Corlim, constrained the family members and allegedly made off with cash and gold ornaments, all running into around Rs 8 lakh.
The unidentified men also took away the car of the family.
The Old Goa police said the dacoity was reported in the wee hours of Monday, and a complaint in this regard was lodged by Keshavnath Naik who is into real estate business.
Referring to the complaint, the police said the unidentified accused are in the age group of 30 to 50 years and were speaking in Hindi and Konkani. Some of them have sturdy physique and one of them wears a tattoo of (goddess) Laxmi on the right forearm.
The incident occurred between 2.30 am to 3.30 am on Monday at Ravalnath Nagar, Corlim.
A police team has already been dispatched to a neighboring state in connection with the case and police stations across Goa have been alerted.
The seven masked men armed with knife and dandas broke into the house of the complainant through the rear door. The accused constrained the family members on knifepoint and wooden dandas tying their hands, legs and mouth with cloth.
The accused committed the theft of cash of Rs 2,00,000, gold ornaments and other accessories all worth Rs 7.98 lakh.
The dacoits also took away the car (GA-07-E- 9179) of the complainant which had been parked outside the house, the police said.
The CCTVs installed in the house have been damaged by the accused.
An offence under 342,395 and 427 IPC has been registered in this connection.