Kozhikode corporation | Photo: Mathrubhumi
Kozhikode: Crime Branch has found that the prime suspect and former senior manager of Punjab National Bank MP Rigil has invested Rs 10 crore in share market. However, the investigation team is yet to find out how he lost this amount in the share market. The Crime Branch has begun proceedings to recover the amount. The rest of the embezzled money was spent to play online games, said officials.
The accused Rigil defrauded Rs 21.29 crore deposited in 17 accounts, including the Kozhikode Corporation. An amount of Rs 12.6 crore belongs to the corporation. The investigation team found that the missing money has not been deposited in Rigil’s bank account, which has savings of only Rs 5000. The Crime Branch inferred that the amount has been invested in share market.
Rigil had a Demat trading account in Axis Bank. PNB bank returned Rs 2.53 crore to the corporation after a complaint was lodged. The remaining amount of Rs 10.07 crore is yet to be paid. Kozhikode corporation Mayor Beena Philip informed that the bank has accepted to pay back the amount as soon as possible. An expert panel under the accounts officer has been appointed to inspect the transactions of the corporation.
No arrest recorded yet
The bank and corporation jointly lodged a complaint at Town Police on November 29. Soon the case was handed over to the Crime Branch. However, the accused has not been nabbed yet.
The investigation team found that Rigil had embezzled money from various bank accounts all alone. He continued to misappropriate money from the accounts at Link Road branch even after getting transferred to the Eranhipalam branch.
UDF has demanded a probe against the corporation citing delay in lodging a complaint for money fraud that happened months back.