Kerala: Bank manager who fled with 26 kg pawned gold worth Rs 17 crore held; had replaced them with fake substitutes

Kozhikode: A court here in Kerala sent on 14-day judicial remand the former manager of a nationalised bank, who had tried to flee with over 26 kilos of gold worth around Rs 17 crore.

The Crime Branch of Kerala police brought the former manager to the state after he was apprehended by Telangana police in another case.

Madhu Jayakumar (34), a resident of Mettupalayam in Tamil Nadu, was produced before a local court, which sent him on 14-day judicial remand during the day.

Police said Madhu Jayakumar has posted visual footage on social media, stating that he was pressurised by the zonal manager of the same bank to keep the gold in a private finance company. The police said they would question the zonal manager too in the coming days.

Madhu Jayakumar allegedly fled with 26 kilo of pawned gold valued at around Rs 17 crore.

Personnel from Vadakara police station registered the case in the wake of the complaint filed by a newly appointed branch manager on August 16.

As per the complaint, Madhu Jayakumar fled with 26.244 gram gold, pawned by 42 account holders from June 13, 2021, to July 6, 2024. The pawned gold was missing and replaced by fake gold ornaments.

Madhu Jayakumar took charge as branch manager in 2021. He was relieved of his duty on July 6 on his transfer to the Palarivattom branch in Ernakulam district. However, he has not joined the new branch so far.

Following his transfer, a new branch manager, Irshad took charge a few days ago and noticed the missing pawned gold as also the fake gold ornaments.