A suspected bank robber is in hospital with life-threatening injuries after being shot by a Toronto police officer in the city's east end.

The unidentified man was shot outside a Royal Bank branch at 5080 Sheppard Ave., just west of Markham Road, on Tuesday afternoon.

The victim was hit in the upper body by three police bullets, CTV News has learned.

The man had entered the bank holding an item he said was a remote control for a bomb he had on him. He demanded employees hand over cash or threatened to blow the place up.

A worker was able to sound the silent alarm, and officers surrounded the bank.

The alleged robber received an undisclosed amount of cash and left. As he emerged from the branch, witnesses said he waived something in the air. Witnesses said officers yelled at him to drop the item and then opened fire when the man refused.

The suspected robber was taken to Sunnybrook hospital where he underwent emergency surgery. The bomb he claimed he had was not real.

Bank employees were shaken by the ordeal but not hurt.

The province's Special Investigation Unit is probing the incident. The civilian agency investigates cases of serious injuries and deaths involving police.

With a report from CTV Toronto's Jim Junkin