Palwal: A major banking fraud case has surfaced at Punjab National Bank (PNB), with a former senior branch manager accused of misappropriating nearly ₹2.70 crore by sanctioning loans on the basis of forged documents. Acting on a complaint filed by the current branch management, police have registered a case and launched an investigation into the alleged scam.
According to the complaint, the accused misused his official position while posted at multiple PNB branches between 2018 and 2021, including branches at Dhatir (Palwal), Sector-17 Faridabad, and Manav Rachna, Faridabad. During this period, he allegedly bypassed established banking norms to create 15 fake customer IDs and open several bogus bank accounts in their names.
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Fake Aadhaar cards, fictitious addresses
The investigation revealed that forged Aadhaar cards and non-existent addresses were used to open the accounts and process loan applications. Physical verification later found that no such individuals were residing at the addresses mentioned in the loan documents.
Bank records indicate that loans were sanctioned in the names of several individuals, including Jasveer Singh, Manoj Tyagi, Anita Singh, Sangeeta and Naresh Kumar, as well as in the names of alleged fictitious firms such as ‘RB Traders’ and ‘Tyagi Traders’. Investigators said these entities were created solely to facilitate fraudulent loan disbursement.
Money siphoned through relatives and associates
Instead of withdrawing the loan amounts directly, the accused allegedly transferred the funds to bank accounts of relatives and close associates, from where the money was subsequently withdrawn through cash and other channels. Through this method, the bank is estimated to have suffered a loss of approximately ₹2.70 crore.
Officials familiar with the probe said the transactions were structured in a manner that initially made them appear like routine banking activity, delaying detection. The pattern of fund movement suggested a deliberate attempt to conceal the trail and avoid immediate scrutiny.
Fraud unearthed in 2023, dismissal in 2025
The alleged scam came to light during an internal audit conducted in March 2023. Following the initial findings, the bank ordered a detailed inquiry, which culminated in a comprehensive report submitted on September 2, 2025. The report held the accused responsible for serious procedural violations and financial misconduct.
Based on the inquiry report, the bank management terminated the accused from service in August 2025. Subsequently, the matter was escalated to law enforcement authorities, leading to the registration of a formal police complaint.
Police probe intensifies, arrest efforts underway
Following complaints from the present branch management and the bank’s circle office, police registered an FIR under sections related to cheating, forgery, tampering with records and criminal breach of trust. Investigators are now examining loan files, account statements and transaction records linked to the accused.
Police sources said efforts are ongoing to arrest the accused, with multiple locations being searched. Authorities are also probing whether other bank employees or external facilitators played any role in enabling or concealing the fraud.
The case has once again drawn attention to the need for robust internal controls, strict document verification and continuous monitoring within the banking system, particularly in cases involving high-value loan sanctions.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
