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The true aim of these rackets is to exploit the bank accounts of job seekers, including students, for illegal money laundering and other fraudulent activities.
The accused pawned 50 gold-filled bangles weighing around 400g to defraud the banks of Rs 18 lakhs.
Bindu allegedly took loans in the names of society's account holders and withdrew their investments after forging documents.
The accused, who was on the run, was caught by the Karnataka police while trying to obtain a SIM card without an Aadhaar card from Humnabad, in Bidar district.
Madhu Jayakumar, former manager at the bank had stolen 26.24 kg gold from the Vadakara branch.
The involvement of four others is also suspected in the scam that involved pledging fake gold equivalent to 221 sovereigns.
Vadakara first class Judicial magistrate gave the probe team time to collect evidence.
Vadakara police have registered a case against Madhu Jayakumar, a native of Tiruchirappalli, Tamil Nadu.
E G Abhishek (23), a resident of Aroli in Kannur's Pappinisseri, was arrested Tuesday evening.
According to the ED, the Highrich promoters paid their depositors Rs 1,422.16 crore of the Rs 1,673.10 crore raised, and the remaining Rs 250 crore was siphoned off.
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