Police said the seven-member armed gang looted the jewellery items from the shop at Bethuadahari Market on Sunday night.
Few hours later body of one of the robbers' was found lying near a cannel next to Bethuadahari Forest.
The jewellery shop owner suffered bomb splinter injuries as the dacoits hurled bombs while escaping but his wound was not serious.
One dacoit might have been killed when a bomb went off in his hand and other gang members might have dumped the body near the canal, police said.
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