PNB settles ₹43 lakh in claims amid alleged fraud at Greater Noida branch

NEW DELHI: Punjab National Bank (PNB) has settled three claims totalling ₹43 lakh after customers reported alleged unauthorized transactions involving savings accounts and fixed deposits at its Aichhar branch in Greater Noida, even as complaints over more than ₹12 crore in suspected fraudulent transfers are being investigated.

In a statement on Thursday, the bank said it was examining the matter on priority and that all genuine claims would be honoured. The ₹43 lakh in settlements relates to three claims as of Wednesday and does not represent the total amount allegedly involved in the case.

PNB said it was cooperating with the authorities and taking steps to verify facts, assess the extent of the reported discrepancies, and address affected customers’ concerns.

The bank reiterated its zero-tolerance policy towards fraud, financial irregularities and misconduct, adding that stern action would be taken against those found responsible in accordance with applicable rules and procedures. It also said it remained committed to safeguarding customer interests and strengthening internal controls and monitoring mechanisms to prevent a recurrence.

The complaints concern PNB’s Aichhar branch near Sector Pi-1 in Greater Noida, where customers have alleged unauthorized transfers from savings accounts and premature closure of fixed deposits. Several account holders, predominantly farmers from nearby villages, have claimed that funds were moved without their consent, media reports said citing customers and police.

Some of the affected customers had deposited compensation received for land acquired for the Noida International Airport project at Jewar.

The Hindustan Times reported on Thursday that all employees at the branch, including the branch manager, had been suspended following allegations that more than ₹12 crore had been fraudulently transferred from customers’ savings accounts and fixed deposits.

Ram Vinod Kumar, lead bank manager for Gautam Budh Nagar district, told the newspaper that the transferred amount had been put on hold by PNB’s head office in Delhi and would be returned. The report also said the investigation involved the bank’s internal teams and external agencies.

Individual customers have reported substantial discrepancies in their account balances. Shrichand, a resident of Viroondi Chakrasenpur, alleged that around ₹1.16 crore had been misappropriated from a fixed deposit, according to media reports. Another customer, Vijendra Singh, reportedly said his account balance had fallen from around ₹87-88 lakh to approximately ₹1 lakh. Haneef Khan alleged that around ₹39 lakh was no longer reflected in his savings account.

The number of complainants had risen to 25 by Wednesday, according to media reports. Police registered a case under Section 316(5) of the Bharatiya Nyaya Sanhita, relating to criminal breach of trust. The investigation is intended to establish the circumstances surrounding the disputed transactions and determine responsibility.

Farmers and other account holders have protested outside the branch, demanding the return of their money and accountability. Customers have alleged that they discovered the discrepancies when they approached the branch to access their funds.

PNB’s statement did not specify the total number of claims received or the overall amount under verification. The bank said it would continue to verify the facts, cooperate with authorities and strengthen internal safeguards as the investigation proceeds.

Harsh Kumar is a policy reporter at Mint (HT Media Group), where he covers the Ministry of Commerce and Industry along with key departments of the Ministry of Finance, including the Department of Economic Affairs (DEA) and the Department of Financial Services (DFS). With over five years of experience in business and economic journalism, he has developed strong expertise in tracking policy developments and their wider economic impact.<br><br>He has previously worked with Business Standard, Moneycontrol, and Outlook Money, where he reported extensively on banking, financial services, and the broader economy. Over the years, he has built a reputation for delivering accurate, insightful, and impactful stories, supported by a keen eye for detail and a consistent track record of breaking exclusive news.<br><br>An alumnus of Jamia Millia Islamia, Harsh closely follows regulatory changes and key economic trends shaping India’s financial and industrial landscape. His reporting aims to simplify complex policy issues for a wider audience while maintaining depth and credibility.<br><br>Outside of work, he enjoys tracking policy developments, finding scoops, and travelling, reflecting his curiosity about how economic decisions shape everyday life.

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