Vadakara: A former manager of the Vadakara Edodi branch of the Bank of Maharashtra has gone into hiding after allegedly embezzling pledged gold valued at Rs 17.20 crores. The accused, identified as S Madhu Jayakumar, a native of Coimbatore, is believed to have stolen nearly 26.24 kilograms of gold.

The Vadakara Police have filed a case against Madhu Jayakumar for criminal breach of trust. The fraudulent activities are reported to have occurred between June 13 and July 6. Jayakumar, who was recently transferred to Ernakulam, refused to take up his new position, which raised suspicion and led to the uncovering of the fraud.

Further investigation revealed incriminating evidence against Jayakumar. The news of the theft caused a panic among depositors, who rushed to the bank. However, bank officials have assured that all other gold deposits are secure.