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Crores reported missing from FDs at PNB branch in Greater Noida; five staff suspended, vigilance probe ordered
Customers of a Punjab National Bank branch in Aichhar, Greater Noida, say fixed deposits were broken and money moved without their knowledge. Five staff, including the manager, are suspended and a vigilance inquiry ordered. Initial estimates are about Rs 35 crore; a union claims up to Rs 150 crore.
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Customers of a Punjab National Bank branch in Aichhar village in Greater Noida say that crores of rupees have gone missing from their fixed deposits and accounts. Five employees of the branch, including the branch manager, have been suspended, and the bank has ordered a departmental vigilance inquiry. The amount involved has not been confirmed. Early estimates and customer complaints point to about Rs 35 crore, while the Bharatiya Kisan Union (Krishak) alleges that the figure could be Rs 130 to 150 crore.
What customers allege
The allegations are that fixed deposits were broken before they matured and that the money was moved to other accounts without the customers' knowledge. Several customers have reported that their savings or deposits are missing, and the headline of one report says that customers received no messages about the transfers. These are allegations, and the bank has not released detailed figures.
The branch is in Aichhar village in the Sector Pi-1 area of Greater Noida and falls under the Beta-2 police station.
The cases reported so far
Several customers have described what happened to them in reports on Wednesday.
| Customer | What they say |
|---|---|
| Vineet Bhati, a transporter who runs Jai Shiv Transport | Signed a cheque and papers on the branch manager's instructions to invest in mutual funds, but Rs 25 lakh went to another account; filed a complaint on Tuesday |
| Gautam, of Sector Pi | His father's account held about Rs 94 lakh; when his father went to take out Rs 50,000 on Monday, only about Rs 16,000 was left |
| A family that received land compensation | The mother received about Rs 1.29 crore as compensation for land acquired for the Noida International Airport; the family says it took out only about Rs 15 lakh, yet over Rs 1 crore is reported missing |
| Sanjay | A fixed deposit of about Rs 10 lakh was broken before maturity and the money moved |
| Hanif | About Rs 39 lakh was reportedly taken out of his account |
| An unnamed depositor | A fixed deposit of about Rs 15 lakh was found closed |
Bhati says that staff first asked him to wait, that a woman employee promised that the money would be returned, and that he has a recording of the conversation. He also called the emergency number 112, and said that employees mentioned irregularities of about Rs 35 crore.
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What the bank and the police have done
The bank has suspended five employees, including the branch manager, ordered a departmental vigilance inquiry and deployed new staff at the branch. Bank officials have told customers that the full amounts will be returned and that the accused employees have been removed, according to the reports.
The police at Beta-2 station have started to look into the matter on the basis of complaints from account holders. The station in-charge, Vinod Kumar, confirmed that a complaint letter had been received and that more than 15 complaints of fraud had come in; other reports put the number at 16 complaints or more than 20 customers. One report says a case will be registered after the vigilance findings. The lead bank manager for Gautam Buddh Nagar said that he was not aware of the matter and that action would follow the rules once a complaint reached him.
About 50 people from nearby villages gathered at the branch on Wednesday to demand their money back. The farmers' union has asked for an impartial inquiry, action against those responsible and full refunds, and it has warned of protests if its demands are not met.
The total amount, the number of accounts affected, the way the money was moved and the accounts that received it have not been established. Reports also differ on whether a first information report has been registered. The police are expected to look at the roles of the employees, and the vigilance inquiry will go through the records of the deposits that were closed.
Anyone with money in the branch, or in any bank, can check their fixed deposits and balances through the passbook, a statement or net banking, and make sure that alerts by SMS and email are turned on for their mobile number. A customer who finds a discrepancy should complain in writing to the branch and ask for an acknowledgement, send the same complaint to the bank's grievance cell, and report it to the police. If the bank does not resolve the complaint within the time allowed, the Reserve Bank's ombudsman scheme is available for complaints against banks.
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