Kasargod: Two co-op Bank managers stand suspended after Rs 3.78 cr was swindled by a gang pledging fake gold at Nayammaramoole and Vidyanagara branches of Muttathodi cooperative bank.
The suspended branch managers are Vidyanagara branch manager, Santhosh and Nayammaramoole branch manager Vijilesh.
Bank staff Sathyapalan (45), Jayarajan (45), residents of Pallikere and K A Abdul Majeed (29), resident of Citizen Nagar are under judicial custody with regard to the incidents.
Preliminary investigations have revealed that nearly 50 people including women have pledged fake gold and borrowed loan. The cheating has occurred with the help of bank staff.
The amount swindled runs into Rs 3.56 cr from Nayammaramoole head office and Rs 22.25 lac from Vidyanagar branch.
With the police suspecting that the racket is deep rooted, involving large number people, the case may be handed over to crime branch soon.
When a youth named Majeed borrowed Rs 7 lac pledging fake gold, the lid blew off the racket. Though the bank staff had certified that the gold pledged by him was genuine, some raised suspicion and when a jeweller tested the gold, it was found to be fake.
The staff called Majid and made him pay Rs 7 lac with interest. The bank staff again checked the gold worth Rs 50 lacs pledged by him and his friends and found that it was also fake.
It is said that more such cheating incidents may come to light after complete investigation.
