Former bank manager accused of stealing 26 kilograms of gold in Vadakara arrested

KOZHIKODE: Former manager Madha Jayakumar was arrested for stealing pledged gold from Bank of Maharashtra's Vadakara branch. He was arrested by the district crime branch team from Telangana. Madha Jayakumar, a native of Tamil Nadu's Mettupalayam, was absconding after the information of the fraud surfaced.

The complaint against him is that after stealing 26 kg of pledged gold worth Rs 17 crore from 42 accounts in the bank, he kept artificial gold in its place. Madha Jayakumar was transferred to Kochi but did not join there. The information about the fraud came to light during checking by the new manager of the Vadakara branch.

Madha Jayakumar joined Bank of Maharashtra's Vadakara branch as a manager in 2021. He was transferred to Palarivattom branch last July. The police registered a case on the complaint of the present manager of the Vadakara branch and started investigation.

Meantime, Madha Jayakumar denied the allegation in a video message the other day. He alleged that the bank officials are involved in the fraud. Madha Jayakumar clarified that he was not absconding and was on leave. He added that he is not involved in the case. The crime branch is also investigating the issues mentioned by Madha Jayakumar. The gold stolen belong to a private company. The police will also investigate about this company.