A goldsmith in Karachi was arrested for committing dacoity at his own shop to pay off “bad” loans, reported 24NewsHD TV channel on Thursday.

The incident occurred in the Clifton Teen-Talwar area and during the interrogation accused Asif, the owner of the gold shop, made startling revelations that he staged a drama of robbery just to pay off the loans.

Accused Asif gave a statement to the Karachi police, saying “I lost Rs4 million in betting and had to pay back a loan of Rs8 million. I staged the robbery with the help of a friend and planned everything carefully to steal over three kilos of gold from my own shop.”

He said he promised his friend Waseem that he will be rewarded with 10 percent of the gold heist.

The clever owner of the gold shop narrated, “I closed the shop at 6pm and sent my employees home. After that, I came back to my shop after an hour, collected the gold and safely placed it in Waseem's shop.”

“I bought a grinder for Rs5,000 and started cutting the locks so it could be looked like a robbery incident,” accused Asif said.

“I thought I would not be caught after cutting the wires of the CCTV camera but I was not that lucky,” he told the police.