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The victim identified as Vijay Jadhav, operates a gold melting furnace at Lakshmi Trade Centre at Beedinagudde Circle.
The robbery occurred at 5:30 am on Monday, when he was opening his shop carrying the gold bars weighing more than a kilogram. Two masked and helmet wearing men appeared and snatched his bag before escaping.
Jadhav has registered a case at the town police station here.