PNB Greater Noida branch fraud: Bank settles 3 claims worth ₹43 lakh; What we know about missing deposits

Punjab National Bank (PNB) has settled three claims totalling ₹43 lakh following allegations of financial irregularities involving savings accounts and fixed deposits at its Greater Noida branch, assuring customers that all genuine and valid claims will be paid.

The bank said it was investigating the complaints on a priority basis and taking steps to verify the facts, assess the extent of the reported discrepancies and address the concerns of affected customers.

"All genuine and valid claims will be paid," PNB said in a statement.

The development comes after account holders alleged that more than ₹11.24 crore had been misappropriated from the savings accounts and fixed deposits of 21 individuals at the bank's Accher branch in Greater Noida.

Police have said the alleged fraud, involving more than ₹12 crore, had been underway since 2023.

The number of complaints has continued to rise, with some local account holders estimating the total alleged fraud at around ₹35 crore.

An FIR has been registered against unidentified bank employees under Section 316(5) of the Bharatiya Nyaya Sanhita, which deals with criminal breach of trust, following a complaint by customer Shrichand and other account holders.

According to the complaint, the alleged losses reported by 21 individuals exceeded ₹11.24 crore.

The alleged irregularities came to light earlier this week when account holders visiting the branch to withdraw money discovered that substantial amounts were missing from their accounts.

Several of the affected customers were farmers who had received compensation for land acquired for the Noida International Airport project.

Shrichand, a resident of Surajpur in Greater Noida, alleged that ₹1.16 crore had been misappropriated from his fixed deposit.

Another account holder, Bijendra Singh, said his savings account, which had held ₹87-88 lakh, showed a balance of only ₹1 lakh. He said the money included compensation received from an authority.

Haneep Khan alleged that nearly ₹39 lakh had disappeared from his account without authorisation, while another account holder, Zakir, claimed that ₹9.5 lakh was missing and that he had not received any text message alert about the transaction.

Sanchit Sharma, Assistant Commissioner of Police, Greater Noida, said the alleged fraud involved multiple bank accounts and that efforts were underway to identify those responsible, reported Hindustan Times.

"With the help of other investigative agencies, including the bank's internal committee, efforts are underway to identify the persons involved. The process of returning the money has started," HT quoted Sharma as saying.

Several bank employees, including the branch manager, have been suspended, police said.

Gautam Buddh Nagar Lead District Manager Ram Vinod Kumar told PTI that action was being taken and the grievances of account holders were being examined.

PNB said it followed a zero-tolerance policy towards fraud, financial irregularities and misconduct.

The bank also said it was strengthening its internal controls and monitoring mechanisms to protect customers' interests, maintain operational integrity and prevent a recurrence of such incidents.