Over Rs 12 crore swindled from Kozhikode Corporation accounts in PNB

Over Rs 12 crore have been swindled from several accounts of the Kozhikode Corporation in a Punjab National Bank here and the prime accused -- a former senior manager of the bank -- is still at large.

The fraud came to light last month when the Corporation found huge sums of money missing from its various accounts in the PNB branch, an officer of Crime Branch wing of the police said.

An FIR was immediately lodged and in view of the amount involved, of Rs 12.68 crore, the probe was transferred to the Crime Branch, the officer said.

Initially, the Corporation believed that the swindled amount was over Rs 15 crore, but subsequently, its audits revealed that Rs 12.68 crore was missing from its accounts in the bank.

Besides the Corporation, around Rs 18 lakh was also stolen, allegedly by the former bank manager, from the account of a private individual, the officer said.

He said that their investigation has revealed that most of the money -- around Rs 10 crore -- was invested in the stock market by the accused and the same was lost.

Of the remaining, the accused spent some amounts on online rummy games.

The accused, who is still absconding, has also moved an anticipatory bail plea, he added.