Kozhikode: The Kozhikode district session court on Tuesday dismissed the bail plea of the former Punjab National Bank manager M P Rijil, who was booked last month for diverting money he embezzled from the bank to builders, capital market and online gaming platforms.
Rijil, who claimed that he had transferred lakhs of rupees to builders who were constructing his new house, in fact had used a large sum in day-trading in share market and for playing online rummy.
He had invested in the share market the amount he had taken as housing loan. After he lost that money, Rijil stole funds, including that of the Kozhikode Municipal Corporation, and used it for the construction of his house.
The investigating team found that Rijil had invested in the share market not only the funds he had embezzled but also money that he had borrowed from many of his acquaintances. It was found that he had spent Rs 50 lakh on online rummy.
The investigating team revealed that Rijil had a craving for gambling and speculative trading. He had spent 75% of the stolen funds on such things. It was also found that he had spent long hours at night playing rummy.
Now, the Crime Branch has to verify transactions of only Rs 50 lakh more.
Rijil, who was the manager of the Punjab National Bank’s Link Road branch in Kozhikode, had stolen Rs 12.68 crore, including the funds of the Corporation.