‘Missing’ Branch Manager of Muthoot Finance booked for Rs 43.41 lakh fraud

Source: The Hitavada      Date: 01 Dec 2017 09:39:08


Staff Reporter,

Branch Manager Ashish Thomas had replaced mortgaged gold ornaments of about 47 customers with fake ones in last seven months

Wadi police have booked branch manager of Muthoot Finance for alleged fraud of Rs 43.41 lakh. The branch manager, Ashish Sham Thomas, a resident of Wadi, is missing since November 23. His family has lodged a missing complaint at Wadi Police Station.

According to police, Sujit Kumar, Audit In-charge of Muthoot Finance discovered the fraud in Wadi branch. Thomas had fraudulently replaced gold ornaments with fake ones. Due to the fraud, 47 customers have allegedly lost their mortgaged gold ornaments collectively worth Rs 43.41 lakh. Thomas was replacing the gold ornaments with fake ones for last seven months, police added. When the scam came to fore, Thomas went missing. He was at the office on November 22 till 3 pm. He was scheduled to complete his work till evening. However, he went out of the office and did not returned. Later, the office staff alerted his family about his disappearance.

On the basis of complaint given by the officials of Muthoot Finance, Wadi police have registered the case under Sections 408 and 420 of Indian Penal Code against Ashish Thomas.
A senior police officer informed ‘The Hitavada’ that a mobile phone of Thomas was found at Railway Station. Thomas is probably hiding in South India. Currently, the branch has gold ornaments of 1,400 customers.
Further investigations are under way.