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The incident took place near Chamukheshwar Mahadev temple under Surapur police outpost on Sunday when the jeweller, Ramsukh Barnwal, was returning home from his shop.
Three bike-borne suspects accosted him on the way and escaped with a bag containing 2.5 kg silver and 35 gram gold jewellery worth over Rs 5 lakh, police said.
Police outpost incharge Gaurav Awasthi said efforts are on to nab the suspects.