Denied loan, Karnataka bakery owner executes ₹13 crore bank heist, hides gold in jungle well: Report

According to police, the accused planned the crime as revenge after his ₹15-lakh loan application was rejected due to a low CIBIL score.

A five-month-old bank heist in Karnataka’s Davangere district has been solved with the arrest of six men and the recovery of 17 kg of stolen gold worth ₹13 crore.

The accused, inspired by the Spanish crime series Money Heist, meticulously planned and executed the robbery.

The accused, inspired by the Spanish crime series Money Heist, meticulously planned and executed the robbery.

According to a report by Indian Express, the arrested include Vijay Kumar (30), Ajay Kumar (28), and Paramanand (30) from Tamil Nadu, and Abhishek (23), Chandru (23), and Manjunath (32) from Karnataka.

Vijay, the alleged mastermind, ran a bakery in Nyamathi town, where the heist took place. According to police, he planned the crime as revenge after his ₹15-lakh loan application was rejected due to a low CIBIL score, the report added.

A relative's subsequent loan request was also denied, prompting him to orchestrate the heist.

Planning and execution

Vijay, fascinated by Money Heist, watched the series multiple times and studied online videos on heist techniques. Over six months, he recruited a team and sourced essential tools like a hydraulic cutter and gas cylinders from Shivamogga and Nyamathi. The gang met frequently at a school in Surahonne to finalize their plan.

On October 28, 2024, they entered the State Bank of India (SBI) branch in Nyamathi through a window, used a gas cutter to break into the locker, and stole the gold. They removed CCTV cameras, took the digital video recorder (DVR) to erase evidence, and even threw chilli powder along their escape route to mislead sniffer dogs.

Initially, police suspected an interstate gang due to a similar heist in Bhadravati. They tracked a group from Uttar Pradesh but later ruled them out. Shifting focus to local suspects, investigators linked the crime to Vijay and his associates using technical evidence and connections between Tamil Nadu and Nyamathi. Six police teams spent months tracking the accused before arresting them over the past few weeks.

Police found that Vijay initially hid the gold in an SUV parked at his house before transferring it to a small locker and submerging it in a jungle well in Madurai, Tamil Nadu.

Later, he retrieved and distributed part of the gold, depositing some in bank accounts under his and his relatives’ names and selling the rest. With the stolen money, he built a house and bought land, while three accomplices received ₹1 lakh each.

To destroy evidence, the gang disposed of tools, the DVR, and a hard disk in a lake near Savalanga town.