CBI investigation starts in multi-crore PNB embezzlement case

The Central Bureau of Investigation (CBI) has launched an investigation into a multi-crore financial fraud in which a former Punjab National Bank (PNB) employee, M.P. Rijil, reportedly swindled 21 crore from numerous bank accounts, including the Kozhikode Corporation’s eight accounts.

The case is being investigated by the CBI’s Kochi unit in accordance with a previous decision given by the Kerala High Court.

On the directives of the District Police Chief (Kozhikode City), the matter was handed over to the Crime Branch after being initially probed by Kozhikode Town police. Because the defrauded sum exceeded Rs.3 crore, it was also sent to the CBI in compliance with Reserve Bank of India instructions.

The multi-billion-dollar fund misappropriation was discovered in November 2022. The Corporation was determined to have lost a total of Rs.12.68 crore. Apart from that, money was sent from other private accounts to Rijil’s account. On December 14, 2022, the accused was apprehended and remanded in judicial custody.

Rijil was working at the PNB’s Eranhipalam branch when he discovered the fraud. The scam allegedly occurred while he was employed as a senior manager at the PNB‘s Link Road branch. A complaint from the Corporation was important in exposing the huge swindle. Following legal action, the bank authorities returned the Corporation the lost cash.