Karnataka — In a dramatic case that reads like a crime thriller, a baker from Karnataka turned to a life of crime after his ₹15 lakh loan application was rejected. Drawing inspiration from the hit Spanish TV series Money Heist, the man masterminded a meticulously planned robbery at the State Bank of India (SBI) branch in Nyamathi, leading to the theft of over 17 kilograms of gold worth ₹13 crore.
The Making of a Mastermind
According to reports, the accused, a bakery owner in his 30s from Davanagere district, had been struggling financially due to rising debt and failing business prospects. His request for a business loan of ₹15 lakh from SBI was denied, pushing him over the edge. Frustrated and desperate, he binge-watched Money Heist, which inspired him to plan a high-stakes robbery that spanned across state borders and lasted nearly six months in preparation.
The Heist
The incident occurred on March 24, 2025, at the SBI Nyamathi branch, located in Karnataka’s Davanagere district. The robbers entered the premises during the early hours of Sunday, exploiting the weekend closure. Using gas cutters, drilling machines, and other advanced tools, they broke into the bank’s locker room. In a span of a few hours, they made off with 17 kilograms of pledged gold ornaments.
Police officials revealed that the robbers had done a detailed recce of the bank and its security systems. They used blankets to cover CCTV cameras and wore gloves and face coverings to avoid leaving any forensic evidence. The gang also ensured the cutting process was noise-free by using water and sound-dampening methods, demonstrating their careful study and training.
The Jungle Hideout
After the robbery, the stolen gold was transported in concealed compartments of a modified van and taken all the way to a remote jungle in Madurai, Tamil Nadu. There, the loot was hidden in a well covered with thick vegetation, a tactic meant to avoid suspicion during police search operations. The mastermind and his accomplices then dispersed, thinking they had pulled off the perfect crime.
The Multi-State Investigation
However, a special task force formed by the Karnataka Police, with help from Tamil Nadu and Andhra Pradesh police, launched a relentless investigation. Tracking digital footprints, fuel purchase records, and surveillance footage from highways, the authorities managed to identify the vehicle used in the escape.
Over a month-long operation, police arrested seven individuals, including the mastermind. With intense interrogation and technical tracking, they eventually located the jungle hideout. Nearly 13 kilograms of the stolen gold was recovered from the well, while efforts continue to trace the remaining 4 kilograms believed to have been sold or exchanged for cash in the black market.
An Alarming Trend
Karnataka DGP Alok Kumar addressed the media saying, “This case is a clear example of how pop culture can influence real-life crime when desperation takes over. The precision with which this robbery was executed is deeply concerning. We’re reviewing security protocols for banks, especially in rural areas.”
The incident has raised fresh concerns over the security of pledged gold in banks and the psychological impact of glamorized crime in popular media. Financial institutions across the region have been advised to upgrade their security systems and increase surveillance.
As the investigation continues, law enforcement officials warn that while the allure of quick riches may be tempting, crime never pays — a lesson now learned the hard way by the mastermind and his team.
Sources:
