Kozhikode: Former Bank of Maharashtra manager Madha Jayakumar accused of stealing pledged gold from the Vadakara branch of the bank used the stolen assets for online trading, according to the police. The investigation revealed that he had also pawned the stolen gold in various branches of a bank in Tamil Nadu.
Madha Jayakumar stole 26 kg of gold in different stages and engaged in online trading with an employee of a private insurance company. His wife is also reportedly involved in online trading. The police will question the insurance employee and his wife as part of the investigation. It was also discovered that the accused owns a hotel building in Tamil Nadu, prompting the police to extend their investigation to that state.
The suspect, who is currently in custody, is being interrogated. The police recently confiscated 26 kg of fake gold that had been substituted by Madha Jayakumar. It remains unclear whether others assisted him in stealing the pledged gold. Madha Jayakumar was arrested in Telangana after fleeing via Karnataka. He was apprehended while attempting to enter Maharashtra, along with his wife and a friend.
He was caught when he tried to buy a new mobile SIM card in Telangana. While at the agency to obtain the SIM card, staff became suspicious during the biometric verification process, leading to his detention. On realising that he had been identified, Madha attempted to escape by injuring himself. However, the agency staff subdued him and alerted the police. Telangana police arrived, took him into custody, and had his wound treated at a hospital.
The Kerala Police were then informed and subsequently airlifted the accused to Kozhikode. He was produced before the Koilandi Magistrate and has since been remanded in custody.
Read more: Absconding Bank of Maharashtra Manager Held In Telangana For Theft Of 26 kg Gold Worth Rs 17 Cr
