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Bank Manager Fled with Gold worth Rs.17 crores in Bank of Maharashtra


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In a shocking turn of events, police are searching for a bank manager who has allegedly disappeared with around 26 kilograms of gold ornaments. These ornaments were pawned by various customers at the Bank of Maharashtra’s Edodi branch near Vadakara in Kozhikode district, Kerala. The incident was uncovered during the bank’s recent reappraisal process, which took place after the manager in question was transferred to another branch in Palarivattom, Kochi.

How the Incident Came to Light

The suspect, Madhu Jayakumar, is a 34-year-old native of Mettupalayam who was transferred from the Vadakara branch to the Palarivattom branch. However, after his transfer, he never reported to his new position. Instead, he allegedly vanished with the gold ornaments valued at an astonishing ₹17 crore.

The bank discovered the fraud during a routine reappraisal of the gold kept in their custody. Shockingly, they found that the original gold had been replaced with fake gold in 42 gold loan accounts. This fraudulent activity is believed to have taken place over a span of three years, from June 2021 to July 2024.

The Police Investigation

Following a complaint from the newly appointed manager, Irshad, a case was registered against Jayakumar at the Vadakara police station. The police suspect that Jayakumar might not have acted alone in this scheme. They are investigating whether other bank employees, especially those who had access to the strong room and managed the gold accounts, might have been involved. As part of their investigation, the police are planning to examine CCTV footage to track the movements of all potential suspects within the bank premises.

A Strange Silence

One puzzling aspect of the case is that none of the 42 customers who had taken gold loans reported any issues over the past three years. This has raised questions about whether there were efforts by certain bank staff to discourage customers from closing their gold loan accounts or verifying their pledged gold.

“It’s unusual that none of the account holders complained in the last three years. We’ll need to investigate further to understand if there was any interference from bank employees,” said a police officer from Vadakara. He noted that most of the gold loans were taken out by individuals from low-income backgrounds, particularly from rural areas.

A Broader Problem?

This isn’t the first time a bank manager in Kerala has been involved in such a scandal. In 2022, another case made headlines when a former manager of Punjab National Bank was arrested for swindling ₹14.72 crore from the Kozhikode Corporation’s account. The manager, M.P. Rijil, was found to have used the stolen funds, which he transferred to the accounts of his relatives, to fuel an addiction to online gaming.

Conclusion

As the investigation into this recent case continues, it serves as a stark reminder of the trust placed in banking institutions and the severe consequences when that trust is breached. The police are determined to bring all those involved to justice, but for the affected customers, the road to recovering their lost assets may be a long one.

One Comment

  1. It is a rural lower middle class clientele. It wd be worth checking wherefrom they got this much gold. It wd be worth checking whether gold was originally pledged at all. Or is it a case of creating packets of non gold, managing valuations/ appraisals and raising fictitious loans accounts?

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