In a major development, Telangana police have arrested Madha Jayakumar, the former manager of the Bank of Maharashtra’s Vadakara branch, for his alleged involvement in the theft of 26 kg of pawned gold. Jayakumar, who had been missing, will be brought back to Kerala by a Kerala police team for further legal proceedings.
The case centers on a complex situation involving a dubious loan transaction and counterfeit gold. Jayakumar, who had been with the bank for three years, left the Vadakara branch, only for the new manager to discover that 26 kg of gold in the bank’s possession was fake. Jayakumar also failed to report to his new assignment and went off the grid, eventually releasing a video in which he denied the charges and accused a private financial institution and a zonal manager of wrongdoing. He claimed that the gold belonged to the financial institution and that an agricultural loan was processed based on instructions from the zonal manager.
The ongoing police investigation is focusing on reviewing bank records, questioning employees and owners of the implicated financial institution, and interrogating the zonal manager mentioned by Jayakumar. The authorities are also examining the allegations made by Jayakumar and investigating the role of the private financial institution in the case.
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