In a significant breakthrough, Kerala Police have seized 4.6 kg of gold ornaments from two branches of a private bank in Tiruppur, as part of an ongoing investigation into an elaborate fraud. The case centers around Madha Jeyakumar, a former Branch Manager of Bank of Maharashtra in Kozhikode district, who allegedly replaced original gold ornaments in a customer locker with fake imitation jewellery.
The fraud, which took place during Jeyakumar’s tenure as branch manager at the Edodi branch of the bank near Vadakara, reportedly lasted for a year. Authorities claim that Jeyakumar swapped a total of 26.8 kg of gold, worth approximately Rs17.5 crore, with counterfeit pieces. After replacing the original gold, Jeyakumar allegedly used a conduit to pledge the fake gold at a private bank, further misappropriating funds.
The Kerala Police acted on a tip-off and conducted a thorough investigation into the fraudulent activities. Their efforts led to the confiscation of 4.6 kg of gold ornaments that were being held at the private bank’s branches in Tiruppur. These were believed to be part of the stolen gold that had been used in the fraudulent scheme.
The suspect, Madha Jeyakumar, a 34-year-old from Musiri in Tiruchi district, was reportedly transferred to a branch in Ernakulam before the fraud was discovered. Authorities are now expanding the investigation to locate Jeyakumar and any other individuals who may have been involved in the illicit transactions.
This scam highlights the vulnerability of the banking system to internal frauds and underscores the importance of robust security measures to prevent such incidents. Investigations are ongoing to identify the full extent of the theft and recover any additional stolen assets.
