PUNJAB NATIONAL BANK Vs. CENTRAL BUREAU OF INVESTIGATION

JUDGEMENT

(1.) First petitioner is a Public Sector Bank. It alleges that Crime No. 780/2022 of Kozhikode Town Police Station was registered at the instance of the second petitioner, alleging offences punishable under Ss. 409 and 420 of the Indian Penal Code, 1860. The gist of the allegations as evident from Exhibit P1 is that, between the period 12/10/2022 and 25/11/2022, the accused who was the former senior Manager of the bank had cheated and defrauded the Punjab National Bank as well as the Kozhikode Corporation for an amount more than Rs.98,00,000.00 (Rupees ninety eight lakhs) and thereby committed the offences alleged.

(2.) Subsequently, during the course of investigation by the local police, it was realised that the amount involved had swelled upto more than twelve and a half crores of rupees.

(3.) It is in such circumstances that the petitioner has approached this Court relying upon the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016 issued under Sec. 35A of the Banking Regulation Act, 1949. As per clause 6.1 of the said Regulation, the financial frauds involving more than three crores rupees and above has to be investigated by the Anti Corruption Branch of the CBI, if the involvement of the banking staff is evident and by the Economic Wing of the CBI if staff involvement is prima facie not evident.