Kerala: Bank manager accused of stealing 26 kg gold resurfaces with explosive allegations

Kozhikode: The former manager of the Bank of Maharashtra's Vadakara branch, who allegedly absconded with 26.24 kg of gold worth Rs 17 crore after substituting it with fake gold, has released a video message. 

In the 23-minute video, which was handed over to a local online channel in Vadakara, he makes serious allegations against the bank's Zonal Manager, Arun. However, he makes no mention of the missing gold.

In the video, recorded in a dimly lit room with only his face visible, the ex-manager introduces himself: "Greetings to all. I am Madhu Jayakumar. The blame for the gold loan fraud is on me. I left Vadakara on leave because both my father and I were unwell. I officially informed the bank about my leave through email. I am not missing; I left Vadakara on July 5th. I'm being treated like a criminal for a mistake I didn’t commit."

Madhu claims the gold in question was pledged at the bank following instructions from the Zonal Manager, Arun. "The mortgage was given to a group called Chathamkandathil Financiers, which has about 15 branches. This was facilitated by Arun, who brought them in a year ago. The mortgage was an agricultural loan at an interest rate of eight per cent. I suspect a connection between Chathamkandathil Financiers and the Zonal Manager. The first loan of Rs 25 lakhs was pledged at the Malappuram branch, with subsequent loans reaching up to Rs 1 crore in the name of a single person. This group has secured gold loans from several branches including Malappuram, Manjeri, Vadakara, Kozhikode, Sultan Bathery, and Thamarassery. However, according to the rules, agricultural loans should not have been granted," Madhu stated. He also alleged that the current manager, Irshad, is linked to Chathamkandathil Financiers.

The former manager expressed his frustration, stating, "I’m being treated like a dog for something I didn’t do. Everyone in Vadakara and the bank knows how effective I was as a manager. I just want to save my life."

The complaint against Madhu Jayakumar alleges that he absconded with 26.24 kg of gold from the Edodi branch, replacing it with fake gold valued at Rs 17.2 crore. Vadakara police have registered a case based on a complaint filed by the current manager, Irshad. Madhu Jayakumar, 34, hails from Mettupalayam, Tamil Nadu.

Madhu, who managed the Vadakara branch for three years, was transferred to the Ernakulam Palarivattom branch on July 6. The fraud was uncovered during an inspection by the new manager at the Vadakara branch. The fraud allegedly occurred across 42 accounts between June 13, 2021, and July 6, 2024. Despite being transferred, Madhu did not report to his new posting at Palarivattom.