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Hiren Adhiya and Vidhi Adhiya, both in their 40s, were killed inside their villa at the Arabian Ranches.
Dubai Police arrested the Pakistani man in less than 24 hours, Gulf News reported on Tuesday.
Brigadier Jamal Al Jallaf, Director of Criminal Investigation Department at Dubai Police, said the daughter of the couple called the Dubai Police command room to report the incident.
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Indian Consul General in Dubai has identified the couple.
The police said the suspect broke into the villa on June 18 while the family was sleeping. He took a wallet containing Dh 2,000 (Rs 41,229) and went into the bedroom searching for more valuables.
“When the man woke up, the attacker stabbed him. The wife also woke up and the suspect stabbed her. He kept stabbing them until they died. When their 18-year-old daughter woke up and saw her parents in a pool of blood, the attacker stabbed her in the neck and escaped,” Brig Al Jalaf added.
The daughter sustained minor injuries and she managed to call Dubai Police.
Officers found the knife one kilometre away from the villa and identified the suspect who was staying in another emirate.
Colonel Adil Al Joker, the assistant of the director of the Criminal Investigation Department at Dubai Police, said that the suspect admitted to the crime and that he planned to break into the villa.
“He claimed that he used to do maintenance work in the villa over a year ago and had seen a large amount of money on the table, which was what lured him to break into the villa. He bought the knife on the day of the crime,” Col Al Joker said.
Consul General Vipul told Gulf News, “The incident is very unfortunate and the consulate is in touch with friends of the couple.”
He said some jewellery had also been stolen from the villa but it has been recovered.
Vipul said the couple ran their own business with an office in Sharjah.