The District Crime Branch squad investigating the Rs17-crore gold fraud case involving Madhu Jayakumar, a manager at the Bank of Maharashtra, has uncovered that he allegedly used the stolen gold to invest in online trading. Additionally, an employee of a private insurance company is believed to have been involved as a partner in the trade, which was reportedly operated with the help of Jayakumar’s wife.
The 34-year-old suspect, who was arrested on August 17 from Telangana for stealing approximately 26 kg of gold ornaments from the Bank of Maharashtra’s Edodi branch in Vadakara, was remanded in police custody on August 21. Sources suggest that Jayakumar pawned the stolen gold at various banks across Tamil Nadu to fund his online trading activities, allegedly spreading the pawning of gold across different intervals to avoid detection and suspicion.
The investigation continues as the authorities dig deeper into the connections and operations surrounding the fraudulent activities.
