THE Herald Sun and Channel 7 news is reporting that most of the $4 million in gold, jewellery and cash stolen from a gold dealer in Melbourne this week was recovered from a property in the remote South Gippsland hamlet of Dollar.

According to the report Karl Kamachi, 48, allegedly aimed a Glock handgun at the dealer inside the Collins Street building before making off with $3.9 million in valuables on Monday.

Detectives found what they described as “significant quantities” of gold bullion and cash stashed alongside a loaded handgun and stolen number plates when they raided homes in Hawthorn East, Fitzroy, and a rural property in Dollar in South Gippsland.

Police reportedly enlisted the help of SES volunteers in digging up the gold bars at Dollar.

Mr Kachami was arrested on Wednesday and faced Melbourne Magistrates’ Court on Thursday night.

He is facing charges of armed robbery, theft, false imprisonment, armed with criminal intent, common law assault and two counts of non-prohibited person in possession of a handgun.

A 48-year-old Hawthorn East woman was also arrested but later released pending further inquiries.

Detective Senior Constable Sarah Inglese told the court on Thursday night it was an ongoing investigation and there was still outstanding property police were searching for.

Some of the gold and valuables are yet to be recovered.

Mr Kachami made no application for bail.