Bank fraud: the court rejects the bail appeal of the main accused | Popgen Tech
The Court of the Chief Judicial Magistrate (CJM) of Kozhikode has rejected the bail plea of MP Rijil, the prime accused in the alleged misappropriation of Kozhikode Corporation funds by the Punjab National Bank ( GNP). He was sent to judicial custody.
The District Crime Branch, which is investigating the case, produced Rijil in court after his custody ended on Tuesday. The Court, while rejecting the bail request presented earlier, agreed with the prosecution’s argument that the granting of provisional freedom to the accused during the preliminary stage of the investigation would not be desirable. Husband can file another bail petition in Kozhikode Sessions Court.
Rijil, a former manager with PNB, had been locked up for more than two weeks before he was arrested from a hideout in Erimala in Chathamangalam grama panchayat on 14 December. The arrest came shortly after the rejection of his anticipatory bail petition by the Kozhikode Sessions. Court. He was brought to the CJM Court on December 15 and was kept under preventive arrest for five days for the collection of more evidence.
Police sources indicated that they had gathered crucial information about the case during his interrogation. Extending his police custody may not be necessary, they said.
The police are expected to question Rijil’s friends with whom he had financial agreements. He reportedly started investing in the stock market in 2014, shortly after joining the bank. During the pandemic, he started getting involved in stock market deals as well. Allegedly Rijil also used an amount from the home loan he had taken and suffered a loss. Later, he diverted funds from bank accounts, including those of the Corporation.