A routine visit to update a bank passbook led to the exposure of an alleged ₹10.24 crore fraud at a Punjab National Bank (PNB) branch in Greater Noida. The case, which reportedly remained undetected for nearly three years, has now triggered a Central Bureau of Investigation (CBI) probe.
The alleged fraud came to light after several customers, including farmers who had received compensation for land acquired for the Jewar International Airport project, discovered that large sums had vanished from their savings accounts and fixed deposits. Many of these individuals had planned to use the money for building homes, funding weddings, or securing their families’ future.
CBI Takes Over Investigation
The CBI registered an FIR following complaints that unauthorized withdrawals had been made from customer accounts at PNB’s Sector Pi branch in Greater Noida. The investigation is centered on a bank employee, Deepanshi, who worked as an Office Assistant/Sub Staff member, along with several alleged beneficiaries and unidentified individuals.
According to the complaint filed by the bank’s Chief Manager, preliminary findings suggest a carefully planned conspiracy involving unauthorized fund transfers, forgery, breach of trust, manipulation of banking records, and diversion of customer funds.
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How the Fraud Was Discovered
The alleged scam surfaced when a customer named Sangita visited the branch to update her passbook. During the review, she noticed three transactions that she claimed were carried out without her approval.
When the issue was raised with branch officials, an internal review reportedly uncovered missing transaction vouchers and irregular account activity. This prompted deeper scrutiny, which ultimately revealed signs of a much wider fraud affecting multiple customers.
Alleged Modus Operandi
Investigators believe the accused misused the login credentials of bank officials to carry out unauthorized transactions. Internal system reviews reportedly showed that customer funds were transferred to select beneficiary accounts over an extended period.
To avoid detection, transaction alerts linked to certain customer accounts were allegedly disabled before funds were withdrawn. This prevented account holders from receiving notifications about suspicious activity.
The probe also found irregularities involving fixed deposits. In several cases, beneficiary names were allegedly added to deposit accounts, repayment details were altered, and fixed deposits were prematurely closed. The proceeds were then redirected to accounts linked to the accused.
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Money Trail Under Scanner
According to the investigation, funds from multiple customer accounts were allegedly routed through several intermediary accounts before eventually reaching key beneficiary accounts. Authorities suspect this process was designed to conceal the origin of the money and create layers in the transaction trail.
Bank officials estimate that unauthorized debits worth more than ₹10.24 crore have been identified so far. However, the final amount could increase as account-by-account verification continues.
Questions Over Internal Controls
The case has also raised concerns about banking security and internal oversight. Investigators are examining how employee credentials were accessed and whether any additional staff members may have been involved or negligent in preventing the fraud.
PNB has initiated internal disciplinary proceedings against officials found responsible for lapses. Meanwhile, the bank has informed higher authorities and is cooperating with agencies conducting the investigation.
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