Punjab National Bank fraud in Greater Noida

An investigation is underway into a massive embezzlement scandal at Punjab National Bank (PNB) branches in Greater Noida. The fraud primarily targeted funds belonging to farmers, specifically compensation received for land acquisition related to the Noida International Airport project.

Initial reports indicated that five employees, including a branch manager, were suspended after customers reported unauthorized withdrawals from savings accounts and fixed deposits. Some victims alleged that bank staff disabled SMS alerts to hide these transactions. While early estimates placed the fraud at approximately ₹35 crore, local groups like the Bharatiya Kisan Union suggested the amount could be as high as ₹130 crore to ₹150 crore.

As the situation developed, the number of suspended employees rose to twelve. Investigations revealed that a senior female employee allegedly used the branch manager’s secret password to prematurely close fixed deposits belonging to over 30 farmers, transferring funds to suspicious accounts without authorization or OTP verification.

Authorities have frozen six beneficiary accounts in Goa, Mumbai, and Jharkhand. Local police cyber units and the bank’s internal vigilance team are investigating, with plans to hand the case over to the Central Bureau of Investigation (CBI). PNB is also reviewing other branches in the Gautam Budh Nagar district for similar irregularities.