The Central Bureau of Investigation (CBI) has started probe into the multi-crore banking fraud in which a former Punjab National Bank (PNB) employee, M.P. Rijil, allegedly swindled ₹21 crore from multiple bank accounts, including the eight accounts maintained by the Kozhikode Corporation.
The case is being investigated by the Kochi unit of the CBI in compliance with an earlier order issued by the Kerala High Court.
The case, which was initially investigated by the Kozhikode Town police, was handed over to the Crime Branch on the instructions of the District Police Chief (Kozhikode City). As the swindled amount was above ₹3 crore, it was also referred to the CBI in accordance with the instructions of the Reserve Bank of India.
The multi-crore fund embezzlement came to light in November 2022. It was found that the Corporation lost a total of ₹12.68 crore. This was apart from transferring money from other private accounts to Rijil’s account. The accused was arrested and remanded in judicial custody on December 14, 2022.
At the time of exposing the fraud, Rijil was working at the PNB’s Eranhipalam branch. The fraud reportedly took place when he was working as a senior manager with the PNB’s Link Road branch. It was a complaint from the Corporation that helped expose the major scam. The bank authorities later refunded the lost amount to the Corporation following legal measures.
