Former Bank of Maharashtra manager disappears after Rs 17 crore fraud uncovered in Kerala

A significant financial scandal has surfaced in Kerala's Kozhikode district, where the Vadakara Police have launched an investigation into a former Bank of Maharashtra branch manager following the discovery of a Rs 17 crore fraud.

The case was initiated based on a complaint by the branch's new manager, Ershad, who uncovered the scam after noticing irregularities in the pledged gold held by the bank.

The former manager, identified as Madhu Jayakumar, who hails from Tamil Nadu, was previously in charge of the Vadakara branch before being transferred to a Kochi branch. However, Jayakumar never reported to his new position. During this period, Ershad, who took over the Vadakara branch, noticed something unusual about the pledged gold. It was discovered to be fake.

Ershad's suspicions led to a deeper investigation, revealing that a staggering 26 kilograms of the pledged gold was artificial, resulting in a loss of approximately Rs 17 crore for the bank. Alarmed by the findings, Ershad reported the matter to the police, prompting the registration of a case against Jayakumar.

The authorities are now searching for Jayakumar, whose mobile phone has been switched off since the scandal came to light, and he remains untraceable. The police are perplexed by the scale of the fraud, questioning how such a massive deception could have been carried out by a single individual.

The investigation is ongoing, with the police expected to soon interview the entire staff at the Vadakara branch to determine the extent of the scam and whether any other individuals were involved.