Punjab National Bank has settled three customer claims amounting to ₹43 lakh in connection with the suspected unauthorized withdrawal and misappropriation of funds from savings accounts and fixed deposits at its Greater Noida branch. The state-run lender issued assurances on Thursday that all verified and genuine claims would be paid in full, following complaints lodged by nearly two dozen depositors alleging fraudulent transactions exceeding ₹11.24 crore. Police authorities have registered a First Information Report against unidentified branch employees under charges of criminal breach of trust, as investigators seek to establish how internal systems were bypassed to access customer holdings without their consent or knowledge.
Depositors Report Missing Balances as Conflicting Estimates Surface
The controversy surfaced after approximately two dozen account holders at the Greater Noida branch discovered unexplained debits from their savings accounts and liquidated fixed deposit instruments. Formal complaints submitted by 21 individuals place the documented losses at more than ₹11.24 crore, with affected customers stating that the underlying transfers occurred entirely without their authorization. Bank officials stated that these grievances are being reviewed on high priority, with audit teams scrutinizing transactional ledgers to determine the exact mechanics and monetary scope of the discrepancies.
A wider divergence has emerged regarding the true financial scale of the incident. While formal complaints by the initial cohort of 21 account holders account for ₹11.24 crore, local depositors have asserted that the total misappropriation could reach approximately ₹35 crore. The community members claim that besides savings and fixed deposit accounts, mutual fund investments linked to the branch may have also been manipulated. Neither the bank nor law enforcement agencies have confirmed this higher estimate, maintaining that only verified transactions will form the basis of the official investigation.
Police Register Case Against Staff Under Criminal Breach of Trust
Following a joint complaint submitted by an account holder named Shrichand alongside other aggrieved patrons, an FIR was lodged against unidentified bank personnel under Section 316(5) of the Bharatiya Nyaya Sanhita, which pertains to criminal breach of trust. The ongoing police probe is focused on identifying the specific individuals who authorized the withdrawals and clarifying whether login credentials or internal approval overrides were used to access customer balances. Investigators are working to confirm whether the misconduct was confined to isolated debit manipulations or involved a coordinated network within the branch.
PNB reiterated its zero-tolerance framework regarding operational fraud, financial irregularities, and employee misconduct, pledging that strict disciplinary and legal action will follow against anyone found culpable. Alongside its cooperation with investigating agencies, the lender has initiated a comprehensive review of its internal controls and monitoring protocols. Branch audit processes and automated alert thresholds are being examined to prevent administrative lapses and ensure customer balances remain safeguarded against unauthorized tampering.
Initial Relief Granted as Comprehensive Audit Continues
The settlement of ₹43 lakh across three individual claims provides preliminary relief, but most affected customers remain waiting as verification procedures continue. Bank management noted that the settlement of further claims remains contingent on establishing the authenticity of each reported transaction against primary records. The process involves reconstructing transaction paths to differentiate between genuine account mandates and forged or unauthorized instructions.
The final exposure of the branch remains subject to the outcome of concurrent police inquiries and internal forensic audits. While depositors continue to press for rapid reimbursement of their lost funds, PNB officials reiterated that the bank is fully committed to honoring verified claims. The coming weeks are expected to clarify whether the fraudulent activity was contained within the ₹11.24 crore documented by the initial complainants or extended across additional accounts and investment portfolios.
