Bank manager suspended on charge of swindling money from Kozhikode Corporation’s account

Fraud to the tune of ₹2.53 crore detected in various accounts of the civic body in Punjab National Bank

November 30, 2022 08:03 pm | Updated 08:03 pm IST - Kozhikode

The Kozhikode Corporation has identified fraud to the tune of ₹2.53 crore in its accounts with the Punjab National Bank (PNB). The civic body has filed a complaint with the Town police.

It was found that a former manager of the Link Road branch of the bank had transferred ₹98 lakh to his father’s personal account. Rigil, who serves at the Eranhipalam branch, has been suspended.

The Corporation has 13 accounts with the PNB. The alleged fraud came to light when Corporation officials tried to withdraw money for the supplementary diet project. The bank returned the cheque citing shortage of funds. An investigation found that ₹98 lakh had been withdrawn and deposited in another account in four instalments.

An internal audit by the current manager found that the money had been deposited in the former manager’s account. The missing amount was auto-credited to the Corporation’s account within two days.

Later, a detailed statement of another account with the bank obtained by the Corporation detected fraud worth ₹2.53 crore. Subsequently, a complaint was filed against the manager.

The bank suspended Rigil and an inquiry is on. The current manager has also registered a complaint with the Town police.

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