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Melbourne man Karl Kachami has been handed a custodial sentence over the armed robbery, and will be eligible for parole in two years.
Melbourne man Karl Kachami has been handed a custodial sentence over the armed robbery, and will be eligible for parole in two years.

Melbourne Gold Company thief sentenced for $3.2m heist

Karl Kachami, one of the two defendants at the centre of the multi-million-dollar robbery of Melbourne Gold Company (MGC), has been jailed for four years.

The 48-year-old married father was sentenced on Monday for aggravated burglary, theft and possessing an unregistered firearm. He will be eligible for parole in two years.

On 27 April, Kachami entered MGC wearing a facemask, goggles and a high-visibility shirt while brandishing a pistol, telling employee Daniel Ede: “This is a robbery. This a holdup.”

“Judge Mason also refuted Kachami’s belief that the heist was a 'victimless crime,' noting the event had caused the business owners shock, turmoil, anxiety and a loss of reputation”

However, the whole event was staged. Ede, a long-time friend of Kachami, had planned the theft in advance. Ede directed his accomplice to several safes using a series of hand gestures and eye movements, with the pair later splitting the stolen goods.

The event was described by Kachami's lawyer, Philip Dunn, QC, as “like a movie, not a good movie, a bad movie,” The Age reports.

Kachami left with $3.2 million in gold, jewellery and cash, leaving Ede tied up in the store. Prosecutors previously estimated the stolen goods to be valued at $3.9 million.

County Court Judge Howard Mason noted Kachami could have escaped with an additional $4 million in gold bullion if he hadn’t misunderstood some of Ede’s directions.

"Had it not been for your ineptitude, the amount could have been much higher," Judge Mason said. CCTV footage also revealed that Kachami’s gun was not loaded.

Kachami was arrested two days later and immediately led police to his share of the theft, which had been stashed at his mother’s property in Dollar, Gippsland.

Kachami claimed he was driven to undertake the theft after suffering significant financial losses. His main source of income was a student share house in Fitzroy he owned, and he claimed the decrease of international students due to COVID-19 had left him desperate.

His assertion was firmly rejected by the court. “A simple analysis demonstrates that you possessed the means to comfortably and legitimately manage any losses,” Judge Mason said. "The clear motivation was that you simply resorted to serious crime to ameliorate some financial setback."

Judge Mason also refuted Kachami’s belief that the heist was a “victimless crime,” noting the event had caused the business owners shock, turmoil, anxiety and a loss of reputation.

Approximately $330,000 of stolen goods are still unaccounted for. Dunn told the court its location is only known by Ede.

Ede, who was arrested two weeks after the heist, has pleaded guilty to aggravated burglary and theft. He is due to face court in February.

More reading:
Defendant in Melbourne Gold Company robbery faces court, awaits sentencing
Co-defendant in Melbourne Gold Company robbery pleads guilty
Defendant in Melbourne Gold Company robbery granted bail
Bail hearings held for defendants in Melbourne Gold Company robbery
Second man charged in $3.9 million Melbourne Gold Company robbery
‘Record-breaking’ armed robbery at gold dealer; colourful history revealed
 











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