The Vadakara Police in Kozhikode district has registered a case against a former branch manager of the Vadakara branch of the Bank of Maharashtra based on a complaint by the new manager.
The new manager Ershad found things amiss when he saw the pledged gold which was found to be artificial gold.
On further inspection there appeared to be a big scam and Ershad approached the Police.
Tamil Nadu resident Madhu Jayakumar was the manager of the Vadakara branch of Bank of Maharashtra and he was transferred to their branch at Kochi.
Following the transfer Ershad joined. Even after several days Jayakumar failed to join his new posting and by that time Ershad had found some serious discrepancies in the pledged gold.
According to the findings 26 kilograms of pledged gold was found to be artificial. The loss to the bank was around Rs 17 crores.
The Police have registered a case. Jayakumar's mobile phone was found to be switched off and he is yet to be traced.
What has baffled the police is how such a big swindle was possible by just one person.
The police is soon expected to take statements from the entire staff at the Vadakara branch.
