Savings vanished: Indian bank honours Rs4.3m claims as fraud inquiry widens

By the Editorial Team · Monday, November 2, 2026

Punjab National Bank has settled claims worth 4.3 million rupees amid a probe into alleged fraudulent transactions totaling hundreds of millions of rupees at its Greater Noida branch, involving unauthorized withdrawals linked to a female employee and associates. The Central Bureau of Investigation is actively investigating the case, with potential losses possibly exceeding initial estimates, while the bank assures full cooperation and protection of customer interests.

India’s Punjab National Bank (PNB) has settled three customer claims totaling 4.3 million rupees amid an expanding investigation into alleged financial irregularities at its Greater Noida branch in Uttar Pradesh. The bank has assured customers that all legitimate claims will be honoured as the Central Bureau of Investigation (CBI) probes the suspected fraud.

The case came to light after several account holders reported unusual declines in their savings and fixed deposit balances, premature closures of deposits, and transfers they said they never authorised. Many customers also reported not receiving any transaction alerts or notifications about these movements.

The CBI’s Anti-Corruption Branch in Ghaziabad filed a first information report (FIR) on Thursday following an internal inquiry by PNB, which uncovered suspicious transactions at the bank’s Sector Pi branch in Greater Noida. The FIR details suspected unauthorised withdrawals amounting to 102.4 million rupees. However, customers have claimed that nearly 350 million rupees have disappeared, though the exact extent of losses remains unconfirmed.

According to sources, preliminary investigations indicate that a female bank employee allegedly accessed other staff members’ user IDs and passwords to conduct unauthorised transactions and transfer funds to accounts connected with her associates. The alleged scheme is reported to have continued undetected for nearly three years.

PNB identified the employee, named Deepanshi, alleging her involvement in a conspiracy with several others including Ashutosh Pathak, Pradeep Kumar, Membanti Devi, Priyanka Kumari, Shanti Devi, Shalini, Saroj Devi, and other unidentified individuals. The FIR has been registered under provisions of the Bharatiya Nyaya Sanhita, the Information Technology Act, and the Prevention of Corruption Act.

The bank submitted detailed information about 49 fixed deposits and related transactions worth 702.3 million rupees for further investigation. This figure significantly exceeds the initially reported 102.4 million rupees in unauthorised withdrawals but has not been confirmed as the total loss. Authorities are reviewing transaction records, beneficiary accounts, and other evidence to establish the scope of the suspected fraud and identify all parties involved. The estimated amount linked to the suspected fraudulent activity could rise as verification progresses.

At least 16 customers, including farmers, landowners, tea vendors, and small traders, have filed complaints alleging individual losses between 1 million and 12 million rupees. Among the affected accounts are those holding compensation funds received for land acquired for infrastructure projects, notably the Jewar airport development.

PNB stated that it is treating the matter with priority and is cooperating fully with the investigating authorities to resolve the case and safeguard customer interests.

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