Madha Jayakumar, the accused in a significant gold theft case at the Bank of Maharashtra’s Vadakara branch, was apprehended in Telangana on Sunday. Kerala Police had alerted other states regarding his involvement, leading to his capture.
The 34-year-old bank manager allegedly siphoned off 26 kilograms of gold valued at over Rs17 crore, which was pledged by customers. He reportedly replaced the genuine gold with counterfeit pieces. The fraud came to light during a re-appraisal process conducted by the newly appointed branch manager, V Irshad, who filed a complaint with the Vadakara police.
Jayakumar, a resident of Mettupalayam Pathi Street in Tamil Nadu, had served as the manager for three years before his recent transfer to the Palarivattam branch in Ernakulam in July. However, he failed to report to his new position. The missing gold was tied to 42 customer accounts pledged between June 13 and July 6, 2024, prompting an investigation led by Vadakara Circle Inspector Sunil Kumar. A case was registered under Section 409 of the Indian Penal Code.
Kerala Police officials are en route to Telangana to formalize Jayakumar’s arrest and bring him back to face charges.