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.
