Three armed youths held a Banbury taxi driver at gunpoint after a fake call to book a ride.
The youths pointed guns at the driver's head and demanded money but ran off empty-handed when approached by passers-by.
The driver was called to Setler House in South Street in the early hours of Saturday morning.
When he arrived, three youths walked towards the car. One got in the front seat and another in the back. Both held guns to the driver's head and demanded cash. The third youth, who also had a gun, tried to grab the keys from the ignition, snapping them in the process.
Dc Nikki Forster, of Banbury CID, said: The robbers didn't manage to get away with any cash. Two of the youths were wearing balaclavas and all are believed to be in their late teens. The driver was not hurt but has been left shaken."
Police are appealing for witnesses to call Banbury police on 08458 505505 or Crimestoppers anonymously on 0800 555111.
A 16-year-old boy has been arrested on suspicion of attempted robbery. He has been released on police bail until Monday, June 20.
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