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The police arrested an assistant manager of a private bank in Malappuram on Friday on the charge of swindling customers of ₹17 crore by offering high interest rate and false business schemes.
Fasalu Rahman Peralthodi, 34, from Kadungallur, had been absconding for around a month after the fraud was detected.
He reportedly transferred funds of bank customers to the tune of ₹17 crore to the accounts of his brother and relatives. He succeeded in convincing customers that he could offer higher interest if they invested in some business schemes.
Inspector Joby Thomas arrested Fasalu Rahman with the support of the District Anti Narcotics Special Action Force (DANSAF) team.
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