Idukki: A bank manager who allegedly swindled over ₹50 lakh from customers who had pledged gold has been arrested. The accused, ER Rajesh (36), a resident of Vallakadavu in Vandiperiyar, was taken into custody by the Vandanmed police.

The large-scale fraud took place at the Anakkara branch of Muthoot Mini Financiers, where Rajesh had been working as branch manager since 2009.

The scam came to light when a new manager assumed charge and irregularities were detected, prompting the zonal manager to file a complaint with Vandanmed police. Following the investigation, Rajesh was arrested.

Police revealed that Rajesh had received cash and gold ornaments from customers under the pretext of sanctioning loans, but instead issued fake receipts. He later pledged the ornaments in other financial institutions or sold them. 

The police have recovered seven sovereigns of gold from the Cordial Grameen Finance branch at Puttady as part of the probe. Authorities believe the scale of the fraud could be much larger and are continuing their investigation. Several victims have already stepped forward with complaints after the scam surfaced.

He was produced before the Nedumkandam court and remanded. The probe team is led by Vandanmed SHO Shinekumar, with SIs Binoy Abraham and Prakash, SCPOs Jayan, Jaymon, Krishnakumar, Abhilash, and CPOs Rajeshmon and Binumon.

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