Kasaragod: BJP district committee member and former Kanhangad municipal councillor Ajaykumar T V, aka Ajaykumar Nellikkatte, on Friday surrendered before a local court in connection with the ₹4.76-crore fraud and robbery at the CPM-controlled Karadka Agriculturist Welfare Cooperative Society.

Kasaragod Judicial First Class Magistrate Court (I) remanded him in custody for two weeks.

The Economic Offences Wing of the State Crime Branch, which is investigating the case, named Ajaykumar as an accused for allegedly helping the society's secretary and main accused, Ratheeshan K (39), pawn the stolen gold ornaments in various banks.

Ajay Kumar's brother, Anil Kumar (56), of Nellikkat near Kanhangad, is the fourth accused in the case and was earlier arrested on the same charge of helping Ratheeshan pawn stolen ornaments.

There are 11 accused in the case and almost all are out on bail. The arrested persons include the two main accused, Ratheeshan and Manjakkandy Abdul Jabbar (known as Jabbar), a native of Kannur and resident of Payyannur; C Nabeel from Arakkinar in Kozhikode;  K Ahammed Basheer, an IUML leader and Pallikkara grama panchayat member; and his driver, A Abdul Gafoor of Parakalai in Kodom-Bellur grama panchayat.

Police said Jabbar, a real estate broker, had planned the fraud and Ratheeshan executed it. The others help pawn the stolen and robbed gold jewellery with Kerala Bank's Kanhangad branch and Canara Bank's Periya and Pallikkara branches.

The case was registered by Kasaragod's Adhur Police on May 13, four days after Ratheeshan walked into the society office during lunch break and robbed 2,656 grams of gold jewellery pledged by 41 members, after threatening two female employees.

Ratheeshan, who has been the society's secretary since 2011, was on forced leave when he allegedly robbed the bank on May 9, 2024. Till the crime came to light, he had also been a member of CPM's Mulleria Local Committee and a well-regarded social worker.

According to the FIR, registered on a complaint filed by the society's president Soopi K, Ratheeshan had defrauded the society of ₹1.68 crore in April 2024, by illegally taking gold loans in the names of his relatives and fictitious persons without collateral. He also allegedly diverted ₹1.96 crore of cash credit from Kerala Bank to illegal beneficiaries. But instead of reporting the crime, the CPM's local leadership asked Ratheeshan to go on leave and gave him one week to return the money. He allegedly robbed the bank during that window and went into hiding.

The District Crime Branch arrested Ratheeshan and Jabbar from Coimbatore on June 5, 2024. The two are out on bail.

By the end of June, the Economic Offence Wing of the State Crime Branch took over the case.

Ajay Kumar's surrender comes against the backdrop of CPM leaders alleging that the investigation had not progressed after the case was handed over to the State Crime Branch.