Kozhikode police have arrested M Shibin Lal (37), a resident of Kaipalam, Palakkad, in connection with the theft of a bag containing Rs 40 lakh from an employee of ESAF Small Finance Bank in Pantheerankavu.
The incident took place last Wednesday outside Akshaya Financiers, where the accused snatched the cash from a bank staff member who had come to Pantheerankavu with the money. Shibin fled the scene on a scooter parked nearby at around 1:30 PM.
Shibin had visited the ESAF bank branch, claiming he needed money to redeem gold pledged at another institution. After opening a bank account, the staff member was sent to deliver the cash. However, Shibin’s story was fabricated, and he misled the bank employee using forged documents.
Using CCTV footage and mobile tower data, police tracked Shibin’s movements from Thrissur to Palakkad. A team led by Pantheerankavu SHO K Shaju and SI R Prashanth arrested him on Friday.
During interrogation, Shibin claimed the bag contained only Rs 1 lakh. Police recovered Rs 55,000 and three mobile phones at the time of arrest. Authorities suspect he may have handed over the remaining cash to accomplices, and efforts are ongoing to recover the full amount.
