Melbourne Magistrates' Court has heard bail applications for Karl Kachami, 48, and 37-year-old Daniel Ede, who are suspects in gold dealer Melbourne Gold Company's $3.9 million armed robbery.
Kachami was arrested shortly after the robbery that took place at the MGC offices on Collins Street at 9.40am on 27 April. He was apparently threatened by CCTV footage by Ede – an MGC employee – with a firearm before opening a safe and loading gold bullion, jewelry and cash onto a trolley before fleeing the scene in a car.

The Age recorded that he later led police to the property of his family in Dollar, in the Gippsland area, where they recovered a portion of the stolen goods and cash, as well as a handgun and number plates stolen.
Subsequently, on 12 May, Ede was arrested and charged with aggravated crime of burglary, stealing necklace, perjury and firearms, with police alleging that he and Kachami were friends and planning the robbery together.

Detective Senior Constable Sarah Inglese, Victoria Police, at the bail hearing said examination of the CCTV footage showed that Kachami's wielded gun was not loaded. Police allege that Ede's father-in - law belonged to a suspicious white vehicle spotted in Dollar in the days after the robbery.
"Acting at the hearing for Kachami, Barrister Philip Dunn QC described the robbery as a 'comedy of errors' and said that his client 'went along with what he felt was a risk-free scheme'"
Furthermore, the court learned Ede had previously borrowed $88,000 from Kachami.

Barrister Philip Dunn QC, acting for Kachami at the trial, described the robbery as a "comedy of errors" and said his client "went along with what he felt was a risk-free scheme."

Dunn said Kachami was motivated by financial pressure as a result of the COVID-19 pandemic and made a "very stupid decision"

Prosecutor Andrew McKenry, however, said, "This was a crime committed to making money-and making a lot of money."
Kachami applied for bail on the grounds that he had to take care of his three young children and get diabetes treatment. The Age reported that the mother of Kachami also offered a $250,000 security on the property of the Dollar where the stolen goods were found.

Barrister Theo Alexander, acting for Ede, pleaded for his client to be released on bail to care for his wife and children, and claimed that instead of coordinating the robbery with Kachami, he actually carried a "suspicion" that the individual robbing him was his mate, reports the Australian Associated Press.
Owing to the seriousness of the crime, prosecutor McKenry opposed the bail application, alleging that Ede was already able to access more than $300,000 in stolen gold, pearl jewelry and cash that was not yet found by police.

Magistrate Ross Maxted is due to hand down a verdict later this month on both men's applications.
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