Kozhikode: The Crime Branch will not submit the charge sheet in the Punjab National Bank (PNB) fraud case wherein a former senior manager swindled funds worth crores from the Link Road branch of the bank. The decision in this regard was taken as the bank filed a writ petition in the high court seeking a CBI investigation into the case, Crime Branch authorities said. 

According to the case, MP Rigil, a former senior manager at the bank, had swindled funds worth Rs 21.29 crore from 17 accounts and embezzled Rs 12.68 crore. The Crime Branch had earlier completed its investigation into the case. However, as it was a fraud of more than Rs 3 crore, CBI was informed about the crime, as mandated by law. 

It is learnt the swindled money was utilised for stock trading and to play online games like rummy. The initial probe found that Rs 11.37 crore was lost in speculative stocks and Rs 80 lakh in rummy games. The bank had repaid the Kozhikode Corporation’s loss of Rs 12.6 crore in two instalments. 

The fraud, which had been going on for years, came to light only in November 2022. Following this, the Kozhikode Corporation went ahead with the case.