PNB fraud row in Greater Noida: ₹35 crore allegedly siphoned off, five employees suspended

Greater Noida: A major alleged financial irregularity at a Punjab National Bank (PNB) branch in Greater Noida has left customers worried after they claimed that nearly ₹35 crore had disappeared from their savings accounts and fixed deposits without their consent.

The complaints have prompted a police investigation, while the bank has suspended five employees, including the branch manager, according to reports.

The controversy centres on PNB's Aichhar village branch in the Sector Pi-1 area of Greater Noida, where several account holders have alleged unauthorised transactions and the premature closure of fixed deposits.

Many complainants are farmers from nearby villages, some of whom deposited compensation received for land acquired for the Noida International Airport project.

According to reports published on October 28 and 29, customers approached the police after discovering discrepancies in their account balances.

The amount of money allegedly involved, however, remains under investigation, with reports citing different figures.

Customers allege unauthorised transfers

Several account holders have claimed that substantial amounts were missing when they checked their savings accounts or attempted to access their deposits.

Some alleged that fixed deposits were closed before maturity and the proceeds transferred to other accounts without their permission.

One complainant, Haneef Khan, reportedly said that his account, which had held around ₹39 lakh, no longer reflected the expected balance.

Other customers also alleged that they had not received transaction alerts or signed documents authorising the disputed transfers.

In another case, a customer reportedly discovered that a substantial portion of the money deposited in a family account had disappeared. The funds included compensation received following land acquisition for the airport project.

The reported losses vary from one account holder to another. The allegations have raised questions about how the transactions were carried out and why the discrepancies were not detected earlier.

These issues are now part of the investigation, and the claims against individual bank employees have not yet court has not yet established the claims against individual bank employeesing the complaints, PNB suspended five employees, including the branch manager, and initiated an internal inquiry.

The bank's Aichhar branch also became the focus of customer protests demanding answers and the return of their money.

Police registered a first information report (FIR) at the Beta-2 police station in connection with the complaints.

According to The Times of India, the FIR compiled 16 complaints and was registered under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), which deals with criminal breach of trust.

The number of complainants subsequently rose, with The Indian Express reporting on October 29 that 25 account holders had approached the police. Investigators are examining the alleged transfers and how the fixed deposits were closed.

Police said the total amount involved and the number of affected accounts will become clearer as the investigation progresses.

The bank is also conducting its own inquiry to establish how the alleged irregularities occurred and determine responsibility.

Airport compensation money among funds affected

The case has caused particular concern among farmers and families who had received compensation for land acquired for the Noida International Airport project.

For some account holders, the money deposited with the bank represented a substantial part of their savings following the acquisition of their land.

The alleged disappearance of these funds has prompted customers to gather outside the branch and demand that the bank resolve their complaints. Some account holders have described discovering the discrepancies only whensaid they discoveredo withdraw money or check their balances.

While reports cite nearly ₹35 crore as the estimated amount involved in the allegations, investigators have not conclusively established the figure.

A separate report by Hindustan Times cited an allegation involving more than ₹12 crore, highlighting the need to distinguish preliminary estimates from the amount ultimately verified by the authorities.

The investigation will need to establish where the disputed funds went, whether the transfers were authorised, and whether any bank employees or other individuals were involved. Until those findings are available, the allegations remain under investigation.

PNB's internal inquiry and the police probe are expected to help determine the extent of the alleged financial irregularities and what action may follow. For the affected customers, the immediate concern remains the status of their deposits and when the disputed money, if found to have been wrongly transferred, will be restored.