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The police arrested Dhanesh,33 from Chungam near Westhill in less than two days.
The deceased Safvan, a native of Iyyangode in Kozhikode's Nadapuram, was an employee at an IT firm.
Shanif was missing from Tuesday noon onwards.
The gold was worth Rs 56 lakhs.
The CPM leader and LDF candidate in the recently held LS polls met the influential Samastha leader at his residence.
Departing from Kozhikode at 4 am, the bus will arrive in Bengaluru by 11:35 am.
Despite opposition from the MSF state leadership, the Muslim League leadership has opted to readmit the expelled leaders.
Police said the deceased was a suspect in a murder case.
The clash between LDF and UDF workers occurred around 10 pm on Friday
The bus, named Kohinoor, was en route to Udupi from Thiruvananthapuram.