Rs 35 Crore PNB Fraud: Bank Settles Rs 43 Lakh Claims, Promises To Pay Customers

Punjab National Bank (PNB) has assured customers that it will honour all genuine claims after allegations of large-scale financial irregularities surfaced at its Greater Noida branch. The bank said it had already settled three claims worth Rs 43 lakh and was examining other complaints on priority, according to a Press Trust of India report.The assurance comes amid growing concerns among account holders who have alleged that money disappeared from their savings accounts and fixed deposits without their knowledge or authorisation.In a statement, PNB said it was verifying the complaints to establish the extent of the discrepancies. It also said it was cooperating with the authorities and taking steps to address the concerns of affected customers.Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay"The Bank assures its customers that all genuine claims will be honoured," it said.PNB added that it followed a zero-tolerance policy towards fraud, financial irregularities and misconduct. It said strict action would be taken against anyone found responsible and that internal controls and monitoring systems were being strengthened to prevent similar incidents.What Happened At PNB's Greater Noida Branch?The controversy emerged after nearly two dozen customers complained about missing funds from their accounts and fixed deposits.An FIR has been registered against unidentified bank employees under Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), which deals with criminal breach of trust. The case followed a complaint filed by customer Shrichand and other account holders.According to the complaint, the alleged losses suffered by 21 individuals exceed Rs 11.24 crore. Two customers have claimed losses of more than Rs 1 crore each.However, local account holders have put the estimated scale of the alleged fraud at around Rs 35 crore. They claim that savings accounts, fixed deposits and mutual fund investments were affected.Shrichand, a resident of Surajpur in Greater Noida, alleged that Rs 1.16 crore was misappropriated from his fixed deposit.Another customer, Bijendra Singh, told reporters that his savings account, which had a balance of around Rs 87-88 lakh, now showed only Rs 1 lakh. A farmer, Singh said the money included compensation received from an authority.Haneep Khan alleged that nearly Rs 39 lakh had gone missing from his account. Another account holder, Zakir, claimed that Rs 9.5 lakh had disappeared without any transaction alert or text message.Gautam Buddh Nagar Lead District Manager Ram Vinod Kumar told Press Trust of India (PTI) that action was being taken and the grievances of account holders were being examined.Police said the bank management had assured customers that their complaints would be addressed. Several employees, including the branch manager, have been suspended. Further legal action is underway.PNB Fraud: What Should Customers Do If Money Goes Missing?The incident has also raised an important question: What should a customer do after discovering an unauthorised transaction or finding that the balance in a bank account does not match the actual deposits?Adhil Shetty, CEO of BankBazaar, told NDTV that customers must act quickly when they notice a suspicious transaction. Reporting the incident immediately and keeping a record of every communication can help them pursue a resolution.Here are the steps customers should follow:1. Inform Your Bank Immediately: The first step is to alert the bank as soon as you spot a transaction you do not recognise. Call its official customer care helpline, visit the nearest branch or report the issue through its official banking app. Do not delay reporting the transaction. The sooner the bank is informed, the sooner it can begin examining the complaint.2. File A Formal Complaint And Keep The Reference Number: Informing the bank over the phone is not enough. Customers should also file a formal complaint and retain the complaint reference number. Keep a record of the disputed transaction, relevant account statements and any written acknowledgement received from the bank. These documents can be important when following up on the complaint or escalating the matter.3. Call The National Cyber Crime Helpline At 1930: Customers who suspect online banking fraud should immediately report it to the National Cyber Crime Helpline at 1930. They can also register a complaint through the government's National Cyber Crime Reporting Portal. Reporting the incident quickly is important, particularly when money has been transferred through digital channels.4. Approach The RBI Ombudsman If The Bank Does Not Resolve The Complaint: What happens if the bank does not respond or the customer is unhappy with its decision? Shetty said customers can approach the RBI Ombudsman under the applicable grievance redress mechanism if the bank does not respond within 30 days or the customer is dissatisfied with its response. Complaints can be filed through the Reserve Bank of India's Complaint Management System (CMS).