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Punjab National Bank suspends five after Rs 35 crore fraud

By Drooid · Oct 29, 2026 · How we work

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Summary

Punjab National Bank suspended five staff, including the Greater Noida manager, after fraud claims.
Customers allege about Rs 35 crore vanished from savings accounts and fixed deposits at the Aichhar branch.
Police filed an FIR at Beta-2 station under Section 316(5) for criminal breach of trust.
Farmers’ unions and locals protested outside, demanding refunds within 10-15 days.
Bank officials pledged to restore the missing funds by Thursday.

History

Harshad Mehta’s April 1992 securities scam exposed fake bank receipts, costing investors about INR5,000 crore and prompting SEBI and the RBI to tighten controls and introduce computerized settlement. The reforms that followed now frame regulators’ response to today’s Punjab National Bank fraud, where alleged losses total roughly INR35 crore at its Greater Noida city branch.

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Harshad Mehta’s April 1992 securities scam exposed fake bank receipts, costing investors about INR5,000 crore and prompting SEBI and the RBI to tighten controls and introduce computerized settlement. The reforms that followed now frame regulators’ response to today’s Punjab National Bank fraud, where alleged losses total roughly INR35 crore at its Greater Noida city branch.

1 / 2