Kozhikode: Six kilograms of the gold, stolen by Bank of Maharashtra’s former manager Madhu Jayakumar from its Vadakara branch, has been recovered. The gold was found from DBS Bank and two branches of Catholic Syrian Bank at Tirupur, Tamil Nadu. 

One and a half kilograms of gold was recovered from Catholic Syrian Bank and four and a half kilograms from Singapore-based DBS Bank.

The evidence collection taking the accused to different parts of Tirupur is on. 

According to the police, he was pawning the stolen gold in various banks in Tamil Nadu. The accused invested the money thus obtained in the stock market. There is still 20 kg of gold to be found. An employee of the DBS bank has also been taken into police custody in this connection.

Madhu Jayakumar, who was the manager of the bank's Vadakara branch for three years, shifted to the Palarivattom branch in Ernakulam district on July 6. The fraud came to light during the inspection conducted by Irshad, a native of Panur and new manager in the Vadakara branch. The fraud was committed from June 13, 2021 to July 6, 2024, in 42 bank accounts. Meanwhile, Madhu Jayakumar shied away from joining the Palarivattom branch even though he was transferred there.

The bank complained that 26.24 kg of gold was lost from 42 accounts. Interestingly, despite the embezzlement of gold in so many accounts, not a single customer has lodged a complaint with the police regarding it. 

So it is assumed that all the gold belonged to one person. It is learned that the police have got some clear clues about this.