Karnataka, Davangere: The Davangere police have successfully cracked Karnataka’s largest gold theft case, which occurred at the State Bank of India (SBI) branch in Nyamathi, and recovered 17 kg of stolen gold ornaments worth approximately ₹13 crore. The stolen gold was found hidden in a well.
Six Arrested in Connection with the Heist
Six individuals, including three from Tamil Nadu, have been arrested in connection with the crime, which took place six months ago. The arrested suspects are:
Vijayakumar (30) – A bakery owner from Madurai, Tamil Nadu, residing in Nyamathi.
Ajayakumar (28) – Vijayakumar’s brother.
Paramanand (30) – A relative of Vijayakumar.
Abhishek (23) – A painting worker from Belagutti Cross, Nyamathi.
Chandru (23) – A coconut trader from Surahonne, Shantinagar.
Manjunath (30) – A driver.
Details of the Robbery
On October 28, 2024, a total of 17.7 kg of gold ornaments, pledged by customers at the SBI branch in Nyamathi, were stolen. The robbers managed to break in by cutting through an iron window grill, disabling CCTV cameras, alarms, and electrical connections before accessing the strong room. The robbery was executed without leaving behind any immediate clues.
Investigation and Breakthrough
The police launched a large-scale investigation, forming five dedicated teams and scouring a 6-8 km radius for any leads. Initially, investigators suspected the involvement of professional bank robbers from Rajasthan or Uttar Pradesh. Searches were conducted across Haryana, Himachal Pradesh, Kakinada, Warangal, Kolar, Tamil Nadu, and Kerala.
The breakthrough came when police traced a gas cutter cylinder used during the heist. The robbers had purchased the cylinder from Shivamogga, providing an Aadhaar card for identification but failed to return it. Investigators discovered that Vijayakumar had used his Aadhaar card to obtain the cylinder, which led to his arrest.
Additionally, police found a discarded chili powder packet along the escape route, indicating that the robbers had attempted to throw off tracking dogs. The branding on the packet suggested local involvement, further strengthening suspicions against Vijayakumar.
Motive behind the Robbery
Vijayakumar, who ran VIP Spax Sweets and Bakery in Nyamathi, had applied for a ₹14 lakh loan from SBI in March 2023. Due to a poor credit score, his application was rejected. He later applied under his relatives’ names, but those applications were also declined. Angered by this, Vijayakumar allegedly plotted the bank heist with his associates.
Inspired by ‘Money Heist’ and YouTube Videos
During interrogation, the accused admitted to planning the robbery for six months, drawing inspiration from the popular web series ‘Money Heist’ and various YouTube videos on bank robberies.
Where Was the Gold Hidden?
After the robbery, Vijayakumar initially hid the gold in the trunk of a silver Renault Duster parked at his house. To dispose of evidence, he and his gang destroyed the CCTV hard disk and DVR before dumping them into Savalanga Lake along with the gas cutter and other tools.
Vijayakumar later transported the stolen gold to his home in Madurai, Tamil Nadu, which is located in a deserted forested area. He concealed the gold inside a small locker, which he lowered into a 25-30 feet deep well using a rope.
How the Stolen Wealth Was Spent
After assessing the situation, Vijayakumar retrieved some gold, depositing it in banks under his and his relatives’ names. He also sold gold at jewelry shops and used the proceeds to:
Distribute ₹1 lakh each to his associates Abhi, Chandru, and Manju.
Construct a large house in his village.
Purchase flats and other properties.
Seizure and Further Investigation
The recovered gold was displayed at the District SP Office during a press conference, where Eastern Zone IGP Dr. B.R. Ravikantegowda detailed the intricate planning behind the heist.
The case highlights the growing influence of crime-related web series and online tutorials on real-life criminal activities. Further investigations are underway to determine if more individuals were involved in the crime.
