A suspected Rs.35 crore banking fraud at Punjab National Bank's Sector Pi-1 branch in Greater Noida has raised serious concerns over internal controls, customer protection and financial accountability. Several depositors allege unauthorized withdrawals and premature closure of fixed deposits.
The alleged irregularities surfaced when customers discovered discrepancies in their savings accounts and FD records. Some claimed substantial amounts had disappeared without receiving OTPs, transaction alerts or withdrawal notifications.
Following a complaint by depositor Srichand, police registered an FIR under Section 316(5) of the Bharatiya Nyaya Sanhita. PNB reportedly suspended five employees, including the branch manager, pending investigation.
Approximately 16–25 depositors have reportedly approached authorities, with individual claims ranging from Rs.35 lakh to Rs.1 crore. The total alleged loss remains subject to verification, while PNB has reportedly settled three claims totaling Rs.43 lakh.
The investigation must establish whether employees manipulated banking records, bypassed authorization controls or facilitated fraudulent transfers. Identifying beneficiary accounts and tracing missing funds will be critical to determining accountability.
Affected customers should preserve transaction records, submit formal complaints and seek recovery through PNB's grievance mechanism. Unresolved complaints can be escalated to the RBI Ombudsman under applicable procedures.
The larger concern is the erosion of public trust in banking institutions. Stronger branch audits, dual authorization, real-time transaction monitoring and mandatory FD closure alerts are essential. Employee suspensions alone cannot restore confidence; transparent investigations, timely customer compensation and systemic security reforms must become immediate priorities.
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