₹35 Crore Vanished From A PNB Branch In Greater Noida. No OTPs, No Signed Documents, No Alerts – Farmers Say They Never Authorised The Transactions. From PNB To IDFC First Bank, India’s Banking Frauds Test Public Trust

At least 16 customers, many of them farmers, have alleged that around ₹35 crore disappeared from their savings accounts and fixed deposits at Punjab National Bank’s Aichhar branch in Greater Noida. The allegations have prompted a police investigation and action against five bank employees, including the branch manager, bringing the focus on how the customers’ money was allegedly withdrawn or transferred without their authorisation.

The customers say they were not informed about the transactions and did not receive messages alerting them to the movement of funds. Some have also alleged that they neither signed withdrawal documents nor authorised the premature closure of their fixed deposits. For people who had parked their savings in a bank, the discovery that substantial sums were no longer reflected in their accounts came as a shock.

The case has also drawn attention because some of the money reportedly involved compensation received by farmers for land acquired for development projects. Such payments can represent years of accumulated wealth, making the alleged disappearance of funds particularly consequential for the families concerned.

The reported figure of ₹35 crore is central to the complaints so far, although the final extent of the alleged losses remains to be established. A farmers’ organisation has also claimed that the amount could be considerably higher. Police are investigating the allegations, while the bank has suspended five employees as the matter unfolds.

No OTPs, No Signed Documents, No Alerts

For several customers, the first indication that something was wrong came when they checked their account balances or tried to withdraw money. The complaints describe sharply reduced balances, fixed deposits that had allegedly been closed before maturity, and funds that customers say they had not authorised anyone to move.

Haneef Khan, one of the account holders, told PTI that ₹39 lakh had been in his savings account but that the money was no longer showing. He said he had neither received a message about the transactions nor signed any document authorising the transfer of funds. Another account holder, Zakir, alleged that ₹9.5 lakh had gone missing and said he learnt of the alleged fraud only after visiting the branch.

The complaints also describe cases in which customers allegedly discovered that fixed deposits had been prematurely closed and their proceeds transferred to other accounts. Some said incorrect entries had been made in their passbooks. The alleged losses vary considerably, from several lakh rupees to amounts exceeding ₹1 crore in individual cases, according to the complaints.

In one case, Vineet Bhati of Jai Shiv Transport alleged that ₹25 lakh had been transferred to another account when he had intended to move the money into his own savings account. According to his complaint, he had signed a cheque and related documents at the branch manager’s direction after seeking advice on investing in mutual funds. He said the money went to an account reportedly belonging to another person with the same name.

Bhati said he initially received assurances that the money would be returned within a day or two. When he was later told that the bank was assessing the matter and would credit the amount after the investigation, he approached the police. He also submitted a recording of his conversation with a bank employee.

The precise route taken by the money remains unclear, and the allegations have not yet been fully established by investigators. For now, the customers’ accounts describe a common concern: they say funds they believed were safely held at the bank were no longer available, and they want an explanation of how the disputed transactions took place.

Farmers Find Their Savings and Fixed Deposits Drained

The reported losses at the Aichhar branch vary from several lakh rupees to more than ₹1 crore per customer. For some families, the money allegedly missing from their accounts included compensation received after their land was acquired for development projects.

Vijendra Singh, a farmer who had received land compensation, told reporters that his savings account, which earlier held around ₹87–88 lakh, showed a balance of just ₹1 lakh.

Other complaints describe similar discrepancies involving fixed deposits. One account holder alleged that an FD worth around ₹10 lakh had been prematurely closed and the proceeds transferred to another account. Kartari alleged that ₹98,700 and ₹6.9 lakh had been diverted from two fixed deposits, while Amichand claimed that ₹10.3 lakh had been taken from his FD.

Five PNB Employees Suspended As Police Investigate

Punjab National Bank has suspended five employees, including the branch manager, and initiated an internal inquiry into the allegations. The bank’s Aichhar branch has also become the focus of protests, with customers gathering outside to demand the return of their money and an explanation for the disputed transactions.

Police registered an FIR at the Beta-2 police station in Greater Noida on Wednesday, October 28, following complaints from account holders. According to The Times of India, the FIR was registered under Section 316(5) of the Bharatiya Nyaya Sanhita, which deals with criminal breach of trust, and brings together 16 complaints.

The police are examining the complaints to establish what happened to the money and how the disputed transactions were carried out. Ram Vinod Kumar, PNB’s lead bank manager for Gautam Budh Nagar, stated that information about the matter was being collected and that appropriate action would be taken in accordance with the rules after the investigation. The bank has also assured authorities that customers’ complaints will be addressed.

For the customers, however, the immediate concern remains the money they say is missing. While the suspensions and police case mark the formal response to the allegations, the investigation has yet to establish the full extent of the losses or determine responsibility.

The Alleged ₹35 Crore Loss And Claims Of A Larger Amount

The figure of approximately ₹35 crore has emerged from complaints by customers who allege that money was diverted from their savings accounts and fixed deposits at the PNB branch. The amount remains an estimate, with police indicating that the full extent of the suspected fraud will become clearer as they examine the complaints and account records.

The Bharatiya Kisan Union (Krishak), which has backed the affected customers, has claimed that the suspected embezzlement could be considerably higher, potentially reaching ₹130–150 crore. The organisation has called for a high-level, impartial investigation and warned that it would stage a protest if its demands were not met.

From PNB To IDFC First Bank, Banking Frauds Raise Questions About Trust

The allegations at Punjab National Bank’s Greater Noida branch come against the backdrop of other major banking fraud cases in India, including the suspected diversion of funds from government-linked accounts at IDFC First Bank. While the cases involve different institutions, accounts and alleged methods, both have brought bank employees and the handling of customers’ or institutions’ money under scrutiny.

In February 2026, IDFC First Bank disclosed a suspected fraud of around ₹590 crore involving Haryana government accounts maintained at its Chandigarh branch. The case involved allegations that public funds had been diverted through transactions involving bank accounts. The bank suspended officials and initiated an investigation into the matter.

The case subsequently expanded beyond the initial disclosure. In June 2026, the Enforcement Directorate said its investigation had revealed the alleged embezzlement of ₹645 crore from accounts belonging to the Haryana government, the Chandigarh administration and two private schools maintained with IDFC First Bank.

The agency said the funds were allegedly diverted through a network involving private entities and individuals, including bank and government officials. These are allegations being investigated by the authorities.

The ETBFSI report also revisits several earlier cases, including the nearly ₹14,000-crore Punjab National Bank fraud linked to diamantaire Nirav Modi and associates, the Punjab and Maharashtra Co-operative Bank crisis involving exposure of more than ₹4,000 crore to real estate group HDIL, and the Yes Bank crisis of 2020.

The Last Bit, The Investigation Continues

For the customers at PNB’s Aichhar branch, the immediate question is whether their missing savings and fixed deposits will be restored.

The reported ₹35-crore figure remains provisional, and the higher estimate cited by the farmers’ union has yet to be established. The investigation will determine how the disputed transactions were carried out, who was responsible and what happened to the money.