Police on Thursday found a series of alleged fraudulent transfers of over Rs 12 crore from a Punjab National Bank (PNB) branch in Greater Noida dating back to 2023.

Big disclosure at PNB Aichhar branch

A major fraud of ₹35 crore has occurred at the Greater Noida branch of Punjab National Bank. Without any OTP or signing of documents, money was withdrawn from customers' fixed deposit (FD) and savings accounts. This incident has shocked everyone. However, the bank assured customers that all legitimate claims will be settled. The bank also informed that three claims totaling ₹43 lakh have been settled in the same Greater Noida branch regarding alleged financial irregularities related to fixed deposit and savings bank (SB) accounts of some customers.

Police investigating the case revealed on Thursday that this isn't the first fraud at the bank branch, but rather, it's been ongoing since 2012. According to the official FIR, the shocking discovery has revealed that over ₹11.24 crore to ₹12 crore has been embezzled from the accounts of 21 victims, while local customers and villagers estimate the figure to be over ₹35 crore. Following this serious fraud, the bank has so far verified the claims of only three account holders and returned ₹4.3 million to them.

Fraud has been going on since 2023

It is reported that a group of bank employees has been operating this operation since 2023. They targeted account holders who were less educated or did not regularly check their balances. These primarily included villagers and farmers who had received land compensation for the Jewar Airport project. To keep customers confused, employees deliberately refused to make entries in passbooks. Whenever a customer approached, they were told, "PAN card is invalid," "account is blocked," or "re-do KYC," to avoid detection. When the fraud was uncovered, customers reported receiving very little in return for the fraud of crores of rupees.

In this scam, which has been ongoing since 2023, hackers or bank employees have transferred money using system logs and forged signatures. Therefore, the bank's anti-corruption team and the police are investigating every transaction history. As verification of the remaining claims totaling crores of rupees is completed, refunds will be issued.

What action has been taken so far?

Given the seriousness of the matter, the local police, as well as the CBI and the Economic Offences Wing (EOW), are investigating. Five culpable employees, including the branch manager, have been immediately suspended. The bank's head office has frozen the suspected funds transferred through fraud. Bank management has assured all affected customers that all genuine claims will be paid 100% once the investigation is complete.

PNB said it has a zero-tolerance policy towards fraud, financial irregularities, and misconduct. Anyone found responsible will face strict action in accordance with applicable rules and procedures, the bank said.