Greater Noida: A major suspected financial fraud has come to light at the Aichhar branch of Punjab National Bank (PNB) in Gautam Buddha Nagar, where crores of rupees belonging to account holders were allegedly withdrawn without authorisation and transferred to other accounts. A large number of the affected customers are farmers whose land was acquired for the Noida International Airport project and who deposited their compensation in the bank. Following the complaints, the bank has suspended five employees, including the branch manager, while an investigation team has begun examining financial records. More than 20 account holders have reportedly approached the police with complaints.
The suspected amount involved remains unclear, with different figures emerging from the initial investigation and claims made by affected customers. Preliminary police information suggests that around ₹35 crore may have been involved in alleged fraud affecting 16 account holders. However, affected farmers and farmer organisations claim that between 30 and 40 account holders may have lost amounts ranging from ₹130 crore to ₹150 crore. Other estimates have put the suspected amount at more than ₹50 crore to ₹60 crore. The actual number of victims and the total amount involved will become clear only after the bank’s records and account transactions have been thoroughly verified.
Fixed Deposits Allegedly Broken Prematurely, SMS Alerts Disabled
Affected customers have alleged that their fixed deposits (FDs) were prematurely closed without their consent, and the money was subsequently transferred to other accounts. They have also claimed that funds in their savings accounts were moved without authorisation. Some customers suspect that SMS alerts linked to their accounts were disabled, preventing them from receiving timely notifications about suspicious transactions.
According to the complainants, the alleged fraud came to light when they visited the branch to update their passbooks, check their account balances or withdraw money. Several customers were shocked to discover that their accounts contained significantly less money than expected. Their subsequent inquiries prompted other account holders to check their balances, bringing more alleged irregularities to light.
The branch serves farmers and local businesses in Aichhar, Biraundi, Kyampur and neighbouring villages. Many affected families had deposited compensation received for land acquired for the airport project to secure their savings for future needs, including children’s education, business expenses and household requirements. The reported disappearance of these funds has triggered widespread concern among local residents.
Farmers Discover Crores Missing from Their Accounts
Several customers have alleged that substantial portions of their savings disappeared without their knowledge. Ranpal claimed that he had deposited more than ₹1 crore in his account but discovered that the money was missing when he visited the bank on Tuesday to withdraw funds.
Amarpal said he had invested ₹80 lakh in a fixed deposit and maintained another ₹10 lakh in his savings account. He alleged that the FD was prematurely closed and the money disappeared from his accounts. Vijaypal has similarly complained that more than ₹50 lakh was withdrawn from his account without authorisation.
Gautam, a resident of Biraundi, said his father previously had approximately ₹94 lakh in his account. When he visited the branch on Monday to withdraw ₹50,000, he was reportedly informed that only ₹16,000 remained. The alleged loss has placed the family under considerable financial strain.
In another case, a family said it had received ₹1.29 crore in compensation for land acquired for the Noida International Airport project. After withdrawing only ₹15 lakh, the family allegedly discovered that more than ₹1 crore was missing from its account. The family said it had deposited the compensation to keep the money secure and is now seeking the return of its savings.
Other complaints include allegations that an FD worth ₹15 lakh belonging to one customer and another worth ₹10 lakh belonging to a customer identified as Sanjay were prematurely closed and the funds transferred elsewhere. A customer identified as Hanif has reportedly alleged that approximately ₹39 lakh was withdrawn from his account. Investigators will need to match these complaints against the bank’s transaction records.
Transport Businessman Alleges ₹25 Lakh Fraud
Vineet Bhati, a transport businessman from Aichhar who operates a firm called Jai Shiv Transport, has also filed a complaint concerning the branch. He maintains a current account with the bank and alleges that he was asked to sign cheques and a brochure on the pretext of investing in mutual funds.
According to Bhati, the money was transferred to an account other than the one intended for his investment or savings. He has approached the Beta-2 police station, seeking the recovery of ₹25 lakh and action against those responsible. Investigators will examine the purpose for which the documents were signed, the destination of the funds and the authorisation process governing the transactions.
Bank Suspends Five Employees as Investigation Begins
Following the complaints, the bank’s regional office suspended five employees, including the branch manager, with immediate effect. New staff members have also been deployed at the branch. The bank’s anti-corruption wing and a headquarters-level investigation team have begun examining the relevant records.
The bank has reportedly assured affected customers that information regarding the return of their money would be provided within three to four days. However, the amount to be refunded, the number of eligible customers and the conditions governing repayment have not yet been clarified. Account holders are demanding written assurances and the restoration of their deposits.
Gautam Buddha Nagar Lead Bank Manager Ram Vinod Kumar said information about the matter was being collected. He indicated that appropriate legal action would follow a detailed investigation and that efforts would be made to help customers recover their money.
Police Examine Complaints and Suspected Transactions
More than 20 account holders have reportedly submitted complaints to Gautam Buddha Nagar police and the Beta-2 police station. Police are examining the allegations, including transactions involving the affected accounts, premature FD closures, recipient accounts and related banking records.
Investigators will also examine how transactions could have been processed without the account holders’ consent and whether SMS alerts were disabled. Another key aspect of the probe is to establish the alleged role of individual employees and trace the movement of funds through other accounts.
Despite the suspensions and the initiation of investigations, the immediate concern for affected farmers and other customers remains the recovery of their savings. For families who deposited their land acquisition compensation in the bank to safeguard their financial future, the allegations have raised serious questions about the security of their money. The findings of the investigation, the bank’s accountability and the timeline for repayment will now be closely watched.
