Punjab National Bank (PNB) has issued a formal assurance to its customers that it will honour all genuine claims following the discovery of significant financial irregularities at its branch in Greater Noida. The bank, which is currently grappling with allegations of a fraud estimated to be worth Rs 35 crore, has already settled three individual claims totalling Rs 43 lakh. Authorities confirmed that the remaining grievances are being treated as a matter of high priority as the institution works to restore the trust of its account holders.
The controversy emerged when nearly two dozen customers reported that their funds, held in both savings accounts and fixed deposits, had vanished without any prior notification or their explicit consent. According to official reports, an initial complaint filed by a group of 21 affected individuals indicated that losses amounted to more than Rs 11.24 crore. Among the victims are individuals who have suffered personal losses exceeding Rs 1 crore each. Local account holders believe the actual scale of the misappropriation could reach as high as Rs 35 crore, potentially impacting mutual fund investments alongside traditional banking products.
Detailed accounts from victims highlight the severity of the security lapse. One local resident, Shrichand from Surajpur, claimed that Rs 1.16 crore had been removed from his fixed deposit account. Another customer, identified as Bijendra Singh, reported that his balance, which stood at approximately Rs 88 lakh, had been depleted to just Rs 1 lakh. Other victims, including Haneep Khan and Zakir, described similar experiences of funds disappearing without receiving standard transaction alerts or SMS notifications from the bank.
In response to the mounting allegations, Punjab National Bank has adopted a stance of zero tolerance toward financial misconduct. The bank has confirmed the suspension of several employees associated with the Greater Noida branch, including the branch manager. Furthermore, the bank is actively collaborating with law enforcement agencies to identify those responsible. An FIR has been registered under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), which addresses charges of criminal breach of trust, against unidentified bank staff.
Gautam Buddh Nagar Lead District Manager Ram Vinod Kumar confirmed that local authorities are scrutinizing the complaints. Investigations by the bank have reportedly traced the diverted funds to at least six different accounts spread across three states, suggesting a complex operation behind the missing money. Bank management reiterated that it is currently strengthening its internal monitoring and control systems to ensure such incidents do not recur.
The bank’s public notice serves as an attempt to calm anxieties among the broader customer base. By pledging to expedite the review of all outstanding complaints, PNB aims to demonstrate accountability. While the legal proceedings continue and the police probe into the involvement of bank employees deepens, the focus remains on the financial restitution of those who have seen their life savings compromised. The bank maintains that it will continue to work closely with police to ensure that justice is served for all affected parties.
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