Custody of accused to end today, Kozhikode PNB scam, Kozhikode corporation lost money at PNB, latest news, Kerala news

Kozhikode: The custody period of the accused who siphoned off crores from Punjab National Bank’s Kozhikode- Link Road branch will end on Tuesday evening. The bail application of accused and former PNB manager Rigil will be considered on Tuesday. No other fraud was reported.

The accused allegedly defrauded 21.29 crores from 17 bank accounts, and lost 12.68 crores. The investigation team found that Rigil invested more than 10 million in the stock market and used the remaining amount to build houses and play rummy.

The Crime Branch audited Rigil’s bank account details and probed whether similar fraud was committed at the Eranhipalam and Palakkad branches where PNB worked. However, no other illegal transactions were found.

The investigation team said the accused started investing in the stock market in 2014. But in the time of Covid 19 it started to suffer losses. This required the channeling of more money from the bank.

Kozhikode Corporation lost 12.6 crores due to these scams. Rs 8 lakh is said to have gone missing from private bank accounts. The inspections are likely to be completed by Tuesday, as there are no discrepancies between Rigil’s statements and the bank’s findings.

Initial probe revealed that no other person is involved in the scam. Rigil was arrested on December 14 after 16 days in hiding.

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