It is understood two men forced entry into an Ashenden St business around 9 pm on November 15.
Armed with handguns, the pair made threats to kill the 50-year-old Shepparton man who was inside the business at the time and demanded a large sum of money.
Police confirmed the pair fled the scene empty-handed.
The victim was not physically injured during the incident.
The men were perceived to be Caucasian in appearance, one with a large build and wearing sunglasses.
“Our victim was going about his normal business when he was violently threatened,” Detective Sergeant Mark Crossley said.
“An ordeal like this has long-term effects on a person and we take this incredibly seriously.
“We are confident that we will be able to locate these offenders and are urging anyone who might have information about this incident to come forward to police.”
Investigators are urging anyone who may have seen the men in the area at the time or with any information about the incident to contact Crime Stoppers on 1800 333 000.
Alternatively you can submit a confidential report online at www.crimestoppersvic.com.au