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Police suspect a murky money deal as the motive and are investigating a possible double-cross.
Meanwhile, the police have sought five days of custody for further questioning.
The Chalakkudy police have launched an investigation, gathering statements from bank staff.
Officials from the police, fire force, and scuba team jointly held the evidence collection
Seven men who robbed the jeweller, including the mastermind, were arrested in Thrissur on Saturday.
Nearly Rs 50 lakh of the Achutha Menon Foundation was deposited in the BSNL Society.
The daring loot during business hours occurred at the Pratap Nagar branch of the leading non-banking financial company headquartered in Thrissur, Kerala.
The police will recommend the transfer of the case to Enforcement Directorate to investigate the source of the cash.
Surendran had stayed away from an earlier round of questioning at the Thrissur Police Club on July 6 claiming he had to attend a state-level party meeting in Kasaragod the same day.
The police had earlier said that amount to the tune of Rs 3.5 crore was in the car and that they had clear leads on which all accused were in possession of the money.
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