Punjab National Bank suspends 12 employees over multi-crore fraud

Twelve employees, including a branch manager, have been suspended from the Punjab National Bank (PNB) Aichhar branch in Greater Noida following a massive embezzlement scandal. Preliminary investigations suggest that funds belonging to farmers, intended as compensation for land acquired for the Noida International Airport, were illegally diverted.

Reports indicate the fraud involves amounts ranging from ₹9.5 crore to as much as ₹35 crore. The scheme allegedly involved a senior female employee who obtained the branch manager’s secret password to prematurely close fixed deposits belonging to over 30 farmers. These funds were then transferred to various suspicious accounts without authorization or OTP verification.

Authorities have frozen six beneficiary accounts located in Goa, Mumbai, and Jharkhand. While the bank’s internal vigilance team and local police cyber units are investigating, preparations are underway to hand the case over to the Central Bureau of Investigation (CBI). PNB management is also scrutinizing other branches in the Gautam Budh Nagar district to determine if similar irregularities occurred regarding land acquisition compensation deposits.