A manager of the Punjab National Bank's Kozhikode branch has been accused of siphoning off crores of rupees from the accounts of Kozhikode city corporation in Kerala and the police have registered a case in this respect.
Kozhikode city police commissioner A Srinivas has said that the accused, M P Rigil, is absconding and a search is on to nab him.
The fraud came to light after a cheque issued by the corporation was returned due to a fund shortage.
The police sources said a preliminary inquiry by the bank authorities found that around Rs 3 crore was siphoned off. But the corporation authorities estimate that around Rs 15 crore could have been siphoned off.
Rigil is found to have transferred cash from various accounts of the corporation to his account with another bank as well as to his father's account.
The police suspect that he had spent money on online lottery games.
Sources said the bank authorities have already returned around Rs 2.5 crore to the corporation, and further inspection is on. Rigil has been suspended, and a police case has been registered against him.
Meanwhile, the CPM took out a protest march to the bank and warned that the bank would not be allowed to function unless the entire amount siphoned off was returned.
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