Punjab National Bank has suspended all staff at its Aichher branch and begun reimbursing customers after alleged unauthorised withdrawals potentially affecting more than 350 account holders.
Investigators have widened the probe into alleged irregularities at Punjab National Bank’s P-1 branch in Aichher village, Greater Noida, after complaints that customer funds worth crores of rupees were siphoned without permission. According to Amar Ujala, the bank’s Delhi-NCR zonal manager, Rajesh Bhaumik, said the entire core staff had been suspended and some employees transferred, while the Central Bureau of Investigation has begun examining account transactions and staff postings over the past two years. Local police have also moved to hand the case to the Economic Offences Wing in Meerut.
Bhaumik said no customer would lose money and added that repayments had already begun, with three account holders receiving funds back on Thursday. The bank says every depositor will be reimbursed in full, although the process may take time as investigators check records and trace how money may have been withdrawn or shifted to other accounts. At the same time, bank cyber and vigilance teams are involved, and senior officials in Mumbai and Noida are monitoring the case.
The scale of the suspected fraud is still evolving. Initial complaints suggested losses of about ₹35 crore, but the figure is now believed to be far higher, with more than 350 account holders potentially affected and the total possibly exceeding ₹200 crore. Police suspect the targets may have included farmers and landowners who received compensation after giving land for the Noida airport project. Several customers have alleged that savings deposits and fixed deposits were accessed without their knowledge, while some have also reported missing gold and silver jewellery from lockers.
Anger among depositors spilled into protest outside the branch on Thursday morning, when customers gathered to check passbooks, ask about fixed deposits and withdraw whatever money remained. As staff struggled to explain what had happened, some account holders argued with employees and later staged a sit-in outside the bank with farmers’ groups. Police were deployed inside and outside the premises, and security has since been tightened. Officers have so far made little progress in the inquiry, while five bank officials named in the case are reported to have gone into hiding and are preparing to seek anticipatory bail.
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