PNB Greater Noida branch faces Rs 35 crore fraud allegations, 5 employees suspended

Customers at a Punjab National Bank (PNB) branch in Greater Noida have alleged unauthorised withdrawals and premature closure of fixed deposits, with the disputed amount reportedly estimated at nearly Rs 35 crore.

Police have registered an FIR, and the bank has suspended five employees, including the branch manager, following the complaints, reported India Today.

Customers allege unauthorised withdrawals

The allegations concern PNB's Sector Pi-1 branch, where account holders reported sudden drops in their balances. The Rs 35 crore estimate comes from customers cited in a PTI report. The bank and police have yet to confirm the total amount involved.

Also Read: How a balance mismatch exposed a Rs 590 crore suspected fraud at IDFC First Bank

Several customers gathered outside the branch on Wednesday, seeking explanations from bank officials. Members of a farmers' union also staged a sit-in, demanding the return of the money and action against those responsible. Police were deployed as the bank began an internal inquiry.

Account holders report missing funds

One customer, Vijendra Singh, said that his account balance had dropped from around Rs 87-88 lakh to Rs 1 lakh. Another account holder, Haneef Khan, said Rs 39 lakh was missing from his savings account.

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“My savings account had Rs 39 lakh, but now nothing is showing in it. I neither received any message nor signed any document authorising the transfer of funds,” Khan said.

Zakir, another customer, alleged that Rs 9.5 lakh had disappeared from his account. He said he learnt of the problem after visiting the branch and had received no text message about the transactions.

Customers question delays in accessing account records

Some customers alleged that bank staff cited an ongoing Reserve Bank of India (RBI) audit when they asked for passbook updates or transaction records. They alleged that the delays stopped them from checking their accounts sooner.

Also Read: Big bank frauds cost India dearly while small scams steal headlines: RBI

Beta-2 police registered an FIR against PNB employees after Shrichand, a resident of Birondi, reportedly filed a complaint. Eighteen customers have submitted written complaints, the report stated, adding that the case could be handed over to the Economic Offences Wing (EOW).

PNB has reportedly replaced the branch staff and launched an inquiry through its anti-corruption team. The bank has assured customers that their complaints will be addressed and efforts made to recover the funds.