Kozhikode police have arrested a 37-year-old man, M Shibin Lal from Kaipalam, for allegedly robbing a bag containing ₹40 lakh from a bank staffer at Pantheerankavu. The arrest was made in Palakkad on Friday.
The theft occurred on Wednesday near Akshaya Financiers, a private lending firm, when Shibin snatched the bag from an ESAF Small Finance Bank employee and escaped on a waiting scooter around 1:30 pm.
Investigations revealed that Shibin had approached the ESAF branch, pretending to seek funds to release gold pledged at another institution. After opening a bank account and convincing staff with fake documents, he lured the employee to Pantheerankavu under the pretext of collecting the cash.
As soon as the bank employee alighted from the vehicle, Shibin seized the bag and sped away. Police tracked him using CCTV footage and mobile tower data, confirming his route from Thrissur to Palakkad.
He was apprehended by a team led by Pantheerankavu SHO K Shaju and SI R Prashanth. During questioning, Shibin claimed the bag had only ₹1 lakh. However, authorities recovered just ₹55,000 and three phones from him at arrest.
Police now suspect he may have passed the remaining money to an accomplice. Search efforts are underway to trace the missing amount.
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