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Former boxer Eubank, 55, dubbed the criminal “Britain’s most brazen” for tackling him in west London and warned anyone could fall victim.
The ex-WBO middleweight and super-middleweight champion was visiting a Barclays branch in Edgware Rd when a suspect ran from behind and ripped the £400 brown clutch bag from under his arm at 1.30pm on Tuesday.
He told the Standard: “I couldn’t believe it. I was stunned.
“He couldn’t have known who I was because he wouldn’t have tried it. He was just looking at the prize.
“It was over in seconds and he was down the road like a sprinter with a baton.
“I didn’t even think of chasing him at first such was the shock.
“I only saw the back of his head so I didn’t see his complexion. He was rather well-dressed with smart jeans.”
Mr Eubank rushed into Barclays to report what had happened and call police.
Staff confirmed they had CCTV covering the area.
He then followed the thief around the corner in the direction he escaped.
Passers-by saw him fleeing but lost sight.
“I thought, ‘He must be the country’s most brazen crook’,” said Mr Eubank.
“But it’s a sign of the times - they don’t care about confronting someone like me, so nobody is immune.
“The police’s hands are full with everything that’s going on. But we need protection on the streets.”
Mr Eubank said the Louis Vuitton bag is sentimental because the upmarket designer no longer makes them.
It is one of five the star has owned since 1992.
Mr Eubank’s bag contained personal items including a bandana he wore in the jungle on ITV’s I’m a Celebrity...Get Me Out of Here! and ID for his role as a city marshal in Opelousas, Louisiana.
There was also a quarter bar of Waitrose Belgian chocolate with hazelnuts.
“That’s what’s really messed up my day,” he added.
“It’s been in there for six days just ready to eat. I like it at that temperature and they took it.
“I’m hoping if the thief shows the documents to his friends and they recognise my name, he’ll give the manbag back.”
Mr Eubank and former rival Nigel Benn were in London to promote The Trilogy Tour, a series talks about their explosive boxing matches and careers.
The live stage appearances - starting in Glasgow on October 15 - will end more than 30 years of bitterness.
Scotland Yard said: “We can confirm that at around 1.30pm on Tuesday, October 12 police received a report of a bag snatch at Edgware Road, W2.
“The male victim was walking along Edgware Road when a bag he was holding under his arm was snatched. The suspect fled the scene on foot.
“No persons were injured. There have been no arrests.”
Anyone with any information is asked to call police on 101 or Crimestoppers anonymously on 0800 555 111.