The police hunt began after the three men, armed with AK4 automatic weapons, robbed a bank in Töcksfors just after 8.30am on Tuesday morning.
According to eye-witnesses, the men left the bank holding blue Ikea bags, guns, and had a female member of staff in tow who they immediately released.
Police believe that the thieves are in still in the area, after having burnt out their getaway vehicle and switching to a blue and new Volvo V70 just under two kilometres from the Norwegian border. Police cannot confirm if the men have crossed the border.
The police are currently searching the small forest roads nearby, as well as secluded cottages, and the many gardens that could possibly provide hiding places for the men.
“We’ve had a number of roadblocks and observation posts in the area during the night,” said Leif Hultman of the Värmland police to the TT news agency.
Witnesses managed to take photos of the men as they made their getaway, and the bank’s security camera captured images of the man, however, the masks make the identification process impossible.
The police have warmed that the men should be considered dangerous and public intervention is not advised, rather, that any sighting should be immediately reported.
Police are not revealing exactly how much money the men stole from the bank.