Punjab National Bank (PNB) has assured customers that all genuine claims will be honoured after allegations of financial irregularities surfaced at its Aichhar branch in Greater Noida. Farmers and other account holders have alleged that money disappeared from their savings accounts and fixed deposits without their authorisation. The bank has settled three claims worth ₹43 lakh so far and said it is examining the complaints on priority.
The case has caused concern among customers, many of whom had deposited compensation received after their land was acquired for development projects. Several account holders said they believed their money was safe in the public sector bank, only to discover that their account balances had fallen sharply or their fixed deposits had been closed. Some customers have also alleged that valuables kept in bank lockers went missing or were replaced with imitation jewellery.
The figures reported so far vary. A police complaint involving 21 account holders listed alleged losses of more than ₹11.24 crore. Separately, customers and local residents have estimated that the total amount involved could be around ₹35 crore. Police have said the exact amount and number of affected accounts will be established after examining the records and complaints. The larger estimate has not yet been independently confirmed.
The alleged irregularities came to light after customers visited the branch to check their deposits and noticed discrepancies. In several cases, account holders claimed that fixed deposits had been prematurely closed and the proceeds transferred to other accounts. Others alleged that money had been withdrawn or moved from savings accounts without signed instructions, withdrawal forms or transaction alerts.
One complainant, Shrichand, alleged that ₹1.16 crore had been taken from a fixed deposit linked to his account. Another customer, Vijendra Singh, said a savings account that earlier held around ₹87 lakh to ₹88 lakh showed a balance of only ₹1 lakh. Haneef Khan alleged that around ₹39 lakh had disappeared from his account. Several customers said they had not received messages informing them about the transactions.
Investigators are also examining allegations that registered mobile numbers and email addresses were changed before money was transferred. Customers suspect that these changes may have prevented them from receiving alerts about unauthorised transactions. Some account holders have also complained about jewellery and other valuables stored in lockers. One customer alleged that gold and silver ornaments had been replaced with imitation pieces. These claims are part of the ongoing investigation.
The police investigation has widened as more customers approached the authorities. By Friday, around 30 account holders had submitted complaints, according to local reports. Police said money allegedly diverted from the branch reached six bank accounts in Goa, Mumbai and Jharkhand. These accounts have been frozen, but investigators suspect that the funds were subsequently transferred elsewhere. The cybercrime team and the bank’s vigilance officials are tracing the transactions.
An FIR has been registered under Section 316(5) of the Bharatiya Nyaya Sanhita, which deals with criminal breach of trust. Police are examining the role of branch employees and whether any staff members may have come into contact with a cyberfraud network. The allegations against individuals remain subject to investigation.
PNB has suspended five employees, including the branch manager, and launched an internal inquiry. Senior officials from the bank’s regional and zonal offices have been asked to monitor the matter. The bank has said it is cooperating with the authorities, checking account records and assessing the extent of the reported discrepancies. It has also reiterated that it follows a zero-tolerance policy towards fraud, financial irregularities and misconduct.
The bank said three claims worth ₹43 lakh had been settled as of Thursday and assured customers that all genuine claims would be honoured. Account holders have been asked to provide details of their fixed deposits and locker contents, along with supporting documents and affidavits, so their claims can be verified. PNB has said each case will be examined individually before a decision on repayment is made.
The developments have caused particular anxiety among farmers who deposited land acquisition compensation in the branch. For some families, the money represented the proceeds from land they had held for generations and was meant to support future expenses, education and retirement. Customers have gathered outside the branch demanding answers and the return of their savings.
The incident has also prompted scrutiny of other branches. PNB officials have said audits are being ordered at branches in Gautam Buddh Nagar where land acquisition compensation was deposited over the past two years. The exercise is intended to identify any similar discrepancies and reassure customers.
The investigation is continuing, and the total alleged loss remains uncertain. While PNB’s assurance that genuine claims will be settled may offer some comfort, affected customers are waiting for clear answers on how the money was transferred, who was responsible and when their deposits will be restored. The outcome will depend on the bank’s verification process and the findings of the police investigation.
