Madha Jayakumar, a 36-year-old bank manager, is at the center of a massive Rs17 crore gold loan fraud case in Vadakara, Kerala. A special squad from the District Crime Branch has uncovered crucial details linking Jayakumar to multiple personal bank accounts, used to facilitate the illegal loan process involving stolen gold ornaments. Authorities are working to trace around 20 different bank accounts used by the suspect in Tamil Nadu, which were part of a network designed to launder the stolen goods and avoid detection.
Jayakumar was arrested in Telangana on August 18, after a complaint from his bank following an internal reappraisal process raised red flags regarding his activities. The investigation revealed that he had been in regular contact with a Tamil Nadu-based business partner, planning the pawning of stolen gold and using the proceeds for retail trading. To avoid suspicion and cover his tracks, Jayakumar made use of several bank accounts for benami transactions — using other people’s identities to mask his involvement in the crime.
The fraud came to light after an in-depth audit by the bank, which found discrepancies linked to gold loan applications processed by Jayakumar. As part of the ongoing investigation, authorities are working to identify all the account holders associated with the suspicious transactions. Police are also looking into the extent of the stolen gold and its route through the loan system.
The Vadakara gold fraud highlights the risks posed by corrupt banking employees involved in fraudulent activities, as well as the use of multiple accounts to conceal illegal dealings. Police have urged the public to report any suspicious activities related to gold loans and investments.
