North India Statesman
In a key relief measure for depositors impacted by the high-profile financial scam at its Greater Noida Sector Pi branch, Punjab National Bank has initiated refunds, disbursing approximately ₹7 crore across 15 verified customer accounts. The reimbursement drive comes even as the scale of the financial irregularity broadens: while the Central Bureau of Investigation initially registered a case involving ₹11 crore based on complaints from 16 account holders, the bank’s latest internal assessment estimates the total suspected siphoned sum at nearly ₹25 crore.
The embezzlement—which went undetected for nearly three years—primarily targeted savings accounts and fixed deposits belonging to local farmers and residents, including compensations disbursed for the Jewar International Airport land acquisition. PNB officials confirmed that while the initial ₹7 crore has been credited back, the remaining claims are undergoing forensic audits and will be reimbursed systematically as verification wraps up.
How the Multi-Crore Scam Unfolded: Password Theft and Destroyed Vouchers
The internal probe traces the core of the financial fraud to an employee named Deepanshi, stationed at the Sector Pi branch. According to PNB’s complaint submitted to the CBI, the accused accessed the core banking system by misusing the login credentials and passwords of six fellow bank officials without their knowledge.
Operating behind stolen administrative clearances, unauthorized debits and inter-account fund diversions were carried out over a 36-month timeline. To avoid scrutiny and keep internal audit mechanisms blind to the manipulation, physical transaction debit vouchers were deliberately destroyed or removed from branch storage.
Suppressed Alerts and Manipulated Fixed Deposits
A major factor that allowed the scam to persist unnoticed was the deliberate tampering with real-time customer communications. PNB’s inquiry revealed that mobile transaction alert links for affected accounts were systematically disabled or altered, ensuring depositors never received SMS notifications when money was moved out.
Beyond direct savings balances, the operation targeted long-term fixed deposits:
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In multiple instances, third-party individuals were secretly added as joint holders to customers’ existing FDs without mandate paperwork.
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The fixed deposits were subsequently broken prematurely, with the maturity values routed through a maze of intermediary accounts before being withdrawn in cash or transferred to private beneficiaries.
How the Irregularities Came to Light
The illicit network came unglued when an account holder named Sangeeta visited the Sector Pi branch to get her passbook printed. Upon inspecting the printed ledger, she discovered three large debits dating to September 16 that had never been authorized.
When branch staff failed to produce the mandatory physical debit slips or vouchers backing the transactions, suspicion mounted rapidly, prompting senior zonal managers to intervene. As word of the missing funds spread across surrounding villages such as Aichhar and Bironda, scores of depositors gathered at the branch, leading to the suspension of entire branch personnel and a formal handover to federal investigative agencies.
Restoring Depositor Confidence: The Refund Process
To quell public alarm and prevent systemic panic across retail branches, PNB’s head office stepped in to freeze suspicious beneficiary accounts and verify claim ledgers against historical deposit slips.
Bank authorities have reiterated that legitimate customer funds remain fully protected by the institution, assuring all affected account holders that secondary and tertiary claims will be settled once the forensic matching of disrupted records concludes. Concurrently, the CBI is tracking the final money trail and identifying outside accomplices who aided in laundering the diverted funds.
