Banker misused powers to swindle money from Kozhikode corpn's account, PNB to submit report to CBI

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Kozhikode corporation | Photo: Mathrubhumi

Kozhikode: The Central Bureau of Investigation is likely to take over the probe into the Kozhikode corporation fund fraud case. As per the case, Rs 2.53 cr was swindled from the corporation’s bank account in Punjab National Bank.

MP Rigil, a former senior manager at the bank is booked for swindling the money from the corporation’s bank account. As the money fraud is reported in a public sector bank, the CBI is likely to take over the probe. As per the rule, if a bank identifies financial irregularities above Rs 3 cr, it should submit a report to the CBI.

Meanwhile, the probe team has revealed that the accused Rigil had spent the money on online games and stock market investment.

At the same time, Rigil has moved an anticipatory bail plea in the Kozhikode district sessions court on Friday. The court will consider his plea on Saturday.

Kozhikode town police have been probing the fraud case over the corporation’s complaint. According to the probe team, Rigil had swindled the money from Kozhikode corporation’s bank account in small amounts initially. When he transferred an amount to his father’s account, he skipped filling in the column which reveals the source of the money.

The probe team also found that the accused who was the former senior manager of the Punjab National Bank misused his powers.

Meanwhile, a team of PNB officials from Chennai are carrying out inspections at the bank’s branch on Link road here. After assessing the amount swindled from the bank, the officials will submit a report to the CBI.

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