Your fears could be correct or misplaced also. We the members of this forum are outsiders and cannot understand the internal dynamics of your company.
Financial misappropriation could be the reason for the sudden removal of your counterpart at other branch. Otherwise employers do not remove someone with five years of service unceremoniously. Nevertheless, your employer should have conducted proper enquiry and then terminated him, if found guilty.
How many similar terminations have happened in the past? Is on-spot termination order of the day or is it isolated incident? If former, then be proactive and start looking for job. If latter then relax but make sure that your hands remain clean.
From India, Bangalore