Rs 35 crore ‘vanished’ from savings accounts and fixed deposits at Punjab National Bank’s Sector Pi-1 (Aichhar) branch in Greater Noida, raising serious questions about banking security, internal controls and customer protection. Several depositors allege that their savings were transferred without consent and fixed deposits prematurely closed without their knowledge. The matter has triggered a police investigation, while PNB has suspended five employees, including the branch manager. The alleged fraud has left customers demanding answers, recovery of their money and accountability from the bank.
How Did the Alleged Banking Fraud Unfold?
The controversy emerged after customers discovered discrepancies in their account balances and fixed-deposit records. Several depositors reportedly became suspicious when the bank asked customers to provide four to five days' advance notice for withdrawals exceeding ₹1 lakh.
On checking their accounts, they allegedly discovered missing funds, prematurely closed FDs and unauthorised transfers. Some claimed they had received no OTP requests, withdrawal forms, SMS notifications or email alerts.
The complaint was filed by Srichand, a resident of Birondi, following which Beta-2 police station registered an FIR under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), relating to criminal breach of trust by a banker or public servant.
Who Lost How Much? The Scale of Alleged Losses
The estimated amount involved is nearly ₹35 crore, although the actual verified loss and number of affected customers remain subject to investigation.
Reported details include:
· ₹35 lakh: Individual depositors have reported losses of this magnitude.
· ₹40 lakh: Another reported individual claim.
· ₹1 crore: Some customers allegedly lost amounts reaching this level.
· 16–25 customers: The number of affected depositors who have reportedly approached the police.
· ₹43 lakh: PNB has reportedly settled three customer claims so far.
The affected depositors reportedly include local residents and farmers who had entrusted their savings to the branch.
Why Did Customers Fail to Receive Alerts?
One of the most serious questions concerns how such large transactions allegedly took place without customers being notified. Banks normally maintain transaction alerts, authorisation procedures and audit trails to prevent unauthorised withdrawals.
Investigators will need to establish whether employees bypassed these safeguards, manipulated customer records, forged authorisations or exploited weaknesses in the bank's internal systems. The destination accounts and ultimate beneficiaries of the disputed transfers will also be crucial evidence.
What Can Customers Do to Recover Their Money?
Affected depositors should take the following steps immediately:
· Preserve passbooks, FD receipts, bank statements, SMS records and emails.
· File written complaints with the branch and PNB's central grievance redressal mechanism.
· Demand certified transaction records, beneficiary details and an explanation for premature FD closures.
· Obtain complaint acknowledgement numbers and copies of all correspondence.
· Report suspected unauthorised transactions to the police and seek legal assistance where necessary.
Customers should also approach the Reserve Bank of India (RBI) if the bank fails to resolve their complaints. After first approaching PNB, they can escalate unresolved grievances to the RBI Integrated Ombudsman Scheme, generally after 30 days or earlier if the bank rejects the complaint.
What Action Can Follow Against PNB?
Several parallel actions are possible:
1. Criminal investigation: Police can investigate suspected employee involvement, forged documents, money transfers and beneficiaries, followed by prosecution where evidence supports charges.
2. RBI intervention: Regulatory scrutiny, forensic audits and examination of banking controls could establish systemic failures.
3. Customer compensation: Depositors may pursue consumer commissions for proven financial losses, deficiency in service and consequential damages.
4. Civil recovery: PNB can initiate recovery proceedings against responsible employees and beneficiaries.
PNB must also examine compensation, restoration of deposits and applicable interest, rather than treating employee suspensions as sufficient action.
Restoring Trust Must Become Banking's First Priority
The immediate expectation is a detailed forensic investigation, identification of beneficiaries and recovery of disputed funds. PNB's reported settlement of three claims worth ₹43 lakh is encouraging, but every affected depositor deserves transparent and timely resolution. Ultimately, the episode must trigger stronger branch-level audits, dual authorisation for high-value transactions and mandatory alerts for FD closures. A bank's responsibility does not end with safeguarding money on paper; it must guarantee that customers retain control over their hard-earned savings.
(With agency inputs)
