Punjab National Bank starts refunding victims of branch fraud

Punjab National Bank has initiated refunds for account holders impacted by severe financial irregularities at its Greater Noida branch. Executives have settled three initial claims totaling Rs 43 lakh while verifying other complaints. Local depositors estimate that nearly Rs 35 crore vanished from various savings accounts and fixed deposits without their authorization.Bank officials assured depositors that all genuine claims will be honored. Gautam Buddh Nagar Lead District Manager Ram Vinod Kumar confirmed that authorities are taking strict action and evaluating all grievances. Management has suspended several employees, including the branch manager, while an FIR has been registered under Section 316(5) of the Bharatiya Nyaya Sanhita for criminal breach of trust.

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Investigating Customer Grievances

More than two dozen individuals reported unexpected financial losses. Police records indicate 21 complainants suffered a collective loss exceeding Rs 11.24 crore. Historically, land acquisitions in the region generate substantial compensation payouts for farmers, leaving their local bank deposits vulnerable to financial malpractice. Shrichand, a Surajpur resident, lost Rs 1.16 crore from his fixed deposit, while Bijendra Singh saw his Rs 88 lakh balance drop to just Rs 1 lakh. Haneep Khan and Zakir reported missing sums of Rs 39 lakh and Rs 9.5 lakh, respectively.

Bank representatives maintain a zero-tolerance policy for financial misconduct. Internal monitoring systems are currently undergoing upgrades to prevent future unauthorized transfers. Investigators and bank officials are cooperating closely to address customer concerns and hold the responsible individuals accountable.