PNB suspends 12 employees, files CBI case over alleged bank fraud involving ₹10 crore

Punjab National Bank (PNB) has suspended 12 employees and filed a case with the Central Bureau of Investigation (CBI) after an alleged fraud involving unauthorised transfers from customers’ accounts came to light.

A senior bank official said a branch employee had allegedly used the branch manager’s password, with the help of outsiders, to transfer funds from individual accounts. All employees suspected of involvement, including the branch manager whose password was used, have been suspended pending an internal inquiry.

Initial estimate puts losses below Rs 10 crore

The bank’s initial assessment placed the amount transferred at less than Rs 10 crore, significantly below the nearly Rs 35 crore alleged in some customer complaints and earlier media reports. The official said the bank was still examining the transactions to establish the precise amount involved.

PNB is continuing its investigation and plans to determine the extent of the losses before initiating the recovery process. The bank had not issued an official statement on the matter at the time of publication.

Customers report missing savings and fixed deposits

The alleged fraud came to light after customers of PNB’s Accher branch in Greater Noida reported discrepancies in their savings accounts and fixed deposits. Several account holders alleged that money had been transferred without their authorisation and that they had not received alerts about the transactions.

The complaints include allegations that substantial savings and land compensation funds had gone missing. Police have also registered a separate case, while the bank and investigating agencies are examining the allegations.

The exact amount involved and the responsibility of individual employees remain under investigation.