M P Rijil, a former manager of the Punjab National Bank, was denied bail by the Kozhikode district session court on Tuesday. Rijil was arrested last month for stealing money from the bank and using it to pay for construction projects, investments, and online gaming sites.
Rijil claimed to have sent thousands of rupees to contractors who were building his new home, but in reality, he had spent a significant amount of money by trading shares and playing online rummy.
He had put the amount of the housing loan in the stock market. After he misplaced that money, Rijil stole money to build his house, including money from the Kozhikode Municipal Corporation.
The investigative team found that Rijil had invested both the money he had embezzled and the money he had borrowed from numerous of his friends in the stock market. He had spent Rs 50 lakh playing online rummy.
Rijil had a thirst for gambling and speculative trading, the investigative team found. On such things, he had spent 75% of the stolen money. Additionally, it was found that he had stayed up late playing rummy.
Only Rs 50 lakh in transactions is now verified by the Crime Branch.
The Corporation’s cash were among the Rs 12.68 crore that Rijil, the manager of the Punjab National Bank’s Link Road branch in Kozhikode, had taken.
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