The state-owned Punjab National Bank is once again facing the heat after all employees, including the bank manager, from its Greater Noida branch have been suspended for an alleged ₹35 crore fraud. Several account holders alleged that significant amounts of money from their savings accounts and deposit accounts went missing without authorised fund transfers.
Multiple customers from surrounding villages staged a protest outside the Achher branch in Greater Noida on Tuesday. The complainants were mostly farmers, who accused bank employees of transferring money from their accounts without their consent. The alleged fraud came to light when the customers tried to withdraw money at the branch.
Several farmers highlighted that their land compensation funds were compromised.
Amarpal, a resident of Accher, told HT that he opened three FDs worth ₹40 lakh, ₹30 lakh and ₹10 lakh in his mother’s name. He also deposited around ₹12 lakh after receiving compensation from the government for land acquired for the Noida International Airport project. Though the FD matured on October 22, he was told to collect it on October 17. Later, he was told that there was no money in his FD.
He alleged that the FDs were prematurely closed on June 16 and that another ₹10 lakh was transferred from the savings account without consent.
Vijendra Singh, a farmer, told reporters that he had around ₹87 to 88 lakh in his account from land compensation, but his account now had a balance of only ₹1 lakh.
Another account holder, Sandeep, reportedly received ₹1.28 crore as land compensation but was told only ₹15,000 remained when his brother attempted to withdraw ₹50,000.
Other customers alleged that several transactions were conducted from their savings accounts without any authorised message from the bank.
According to the local police, the number of complainants had risen to 25 by Wednesday. A case was registered under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), which deals with criminal breach of trust by a public servant or banker. An anti-corruption team from the state is also investigating the matter.
The bank management has assured customers that their concerns will be addressed.
The incident follows an alleged ₹17 crore counterfeit currency conspiracy that occurred at a PNB currency chest in Saharanpur in September. The infamous ₹14,357 crore Nirav Modi-Mehul Choksi scam also took place at a PNB branch in Mumbai, where rogue employees issued unauthorised Letters of Undertaking (LoUs) to secure credit from overseas banks for diamond merchant Nirav Modi.
