₹35 Crore Fraud in PNB Branch: Five Employees Suspended as Farmers Allege Missing Deposits – Indian PSU

Punjab National Bank (PNB), a public sector lender, is facing serious allegations of financial irregularities after customers of its Aichhar village branch in Greater Noida claimed that nearly ₹35 crore had gone missing from their savings accounts and fixed deposits.

The alleged fraud has triggered protests by affected account holders, many of them farmers who had deposited their savings and land acquisition compensation in the bank. The bank management has suspended five employees, including the branch manager, and initiated an internal investigation.

Police have registered a First Information Report (FIR) and begun investigating allegations of unauthorised fund transfers and the premature closure of fixed deposits.

The exact amount involved and the total number of affected customers remain subject to verification.

Farmers Discover Missing Deposits

Several account holders have alleged that substantial amounts disappeared from their bank accounts without their consent. Some customers have also claimed that they received no transaction alerts or notifications about the alleged transfers.

Vijendra Singh, a farmer, said his savings account, which previously held approximately ₹87–88 lakh, showed a balance of only ₹1 lakh.

Another account holder, Haneef Khan, alleged that approximately ₹39 lakh had disappeared from his account. He claimed that he had neither authorised the transfer of funds nor signed any document permitting the transaction.

A third customer, Zakir, alleged that ₹9.5 lakh had gone missing from his account. He reportedly discovered the discrepancy when he visited the bank.

Several other customers have raised similar complaints, alleging that their fixed deposits were closed prematurely and the proceeds transferred to other accounts without their knowledge.

Land Compensation Money Among Funds at Risk

The alleged irregularities have raised particular concern because several affected customers are farmers who received compensation for land acquired for infrastructure projects.

For many families, these deposits represent their lifetime savings and the proceeds from the acquisition of agricultural land.

Customers have demanded the immediate restoration of their money, a comprehensive investigation into the transactions and accountability for those responsible.

The allegations have also raised questions about the internal controls governing fixed deposits, account operations and customer authorisation at the branch.

Five Employees Suspended, Internal Probe Launched

Following the complaints, PNB management suspended five employees, including the branch manager, and initiated an internal inquiry.

The bank has assured the authorities that the grievances of the affected account holders will be addressed.

The investigation is expected to examine the disputed transactions, the circumstances surrounding the premature closure of fixed deposits and the movement of funds between accounts.

However, suspension of employees does not establish individual culpability. Their roles and responsibilities will have to be determined through the investigation.

Police Register FIR

The Beta-2 police station, which has jurisdiction over the branch, has registered an FIR following complaints from account holders.

Investigators are examining the allegations of financial irregularities and suspected criminal breach of trust. Further action will depend on the evidence gathered during the investigation.

The total amount allegedly involved remains unconfirmed by the authorities.

The Bharatiya Kisan Union (Krishak) has also raised concerns over the scale of the suspected financial irregularities and demanded an impartial investigation. The organisation has claimed that the potential amount involved could be substantially higher than the initial estimate of ₹35 crore.

That higher figure remains an allegation and has not been officially established.

Questions Over Banking Controls

The incident has brought the protection of depositors’ money at the centre of the controversy.

If the allegations are substantiated, investigators will need to establish how funds could allegedly be transferred or fixed deposits closed without the account holders’ authorisation, and whether existing banking safeguards and supervisory mechanisms were followed.

The absence of transaction alerts, as alleged by some customers, is another issue requiring examination.

For the affected families, however, the immediate concern is the recovery of their money.

The case now places responsibility on the bank to establish the facts, address legitimate customer grievances and take appropriate action based on the findings of its internal inquiry.

The central question remains: How did nearly ₹35 crore allegedly disappear from customers’ accounts and fixed deposits, and who will be held accountable if the allegations are proved?