Kozhikode (Kerala): A bank manager allegedly absconded with gold worth more than Rs 17 crore pledged in a Bank of Maharashtra branch in Kerala's Kozhikode replacing the same with fake gold.
The accused, identified as Madha Jayakumar (34), a resident of Mettupalayam Pathi Street in Tamil Nadu, served as the manager of the Bank of Maharashtra's Vadakara branch. Jayakumar allegedly disappeared with over 26 kilograms of gold, which was discovered missing during a re-appraisal process at the branch.
The fraudulent activity involved replacing the genuine gold pledged by customers with counterfeit gold. The irregularity was found by V Irshad, the newly appointed manager, who immediately lodged a complaint with the Vadakara police. In turn, they registered a case based on the complaint.
Madha Jayakumar, who had been the manager of the Vadakara branch for the past three years, was recently transferred to the Palarivattam branch in Ernakulam in July but failed to take charge. The missing gold was linked to 42 accounts pledged by customers between June 13 and July 6, 2024, prompting an investigation led by Vadakara Circle Inspector Sunil Kumar. A case has been registered under Section 409 of the Indian Penal Code. Police are on the look out for the absconding bank manager.
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