Ludhiana, June 28 -- The city police have arrested a man accused of stealing a gold necklace set worth nearly Rs.8 lakh from a jewellery shop in Sarafa Bazar and later pledging it with a gold loan company in Meerut to obtain a loan.

Police said the theft appeared to be premeditated and suspect the accused had travelled to Ludhiana with the intention of stealing gold jewellery and converting it into cash through a gold loan.

The accused, identified as Mohammad Asfar, a resident of Shamli, Uttar Pradesh, had reportedly been living in Chandigarh for some time. According to police, he travelled to Ludhiana to execute the theft and booked a hotel in the city's old area as part of his plan.

The theft took place on June 9 when jeweller Atam P...