A 10-member squad of the District Crime Branch has taken over the investigation into a multi-crore gold fraud, in which a bank manager from the Bank of Maharashtra’s Edodi branch near Vadakara in Kozhikode district absconded with pawned gold ornaments worth ₹17 crore.
Deputy Superintendent of Police (Crime Branch) G. Balachandran is leading the special squad that was formed shortly after the suspect, Madhu Jayakumar, released a short video alleging the involvement of one of his senior officers in the incident.
The suspect had claimed that one of his senior managers was a partner in the crime and that he acted under the manager’s instructions in the video. He further alleged that he did not attempt to flee the district, but merely delayed joining the new branch.
The multi-crore fraud came to light on August 16 during the bank’s reappraisal process. The suspect had reportedly fled with around 26 kg of gold ornaments pawned by various individuals by replacing it with fake ornaments.
In the preliminary investigation, it was confirmed that the fraud occurred between June 2021 and July 2024, targeting around 40 gold loan accounts. The 34-year-old Tamil Nadu native reportedly focused on accounts opened by low-income groups.
Police sources said the support of crime investigation squads in Tamil Nadu would be sought to track Madhu Jayakumar. They added that cyber cell officers would also provide technical support to trace the fugitive.
