THE VANISHING LIFE SAVINGS OF GREATER NOIDA: PNB CUSTOMERS ALLEGE ₹16-CRORE FRAUD AS POLICE INVESTIGATE MISSING DEPOSITS
October 28, 2026
GREATER NOIDA, OCTOBER 28, 2026
For dozens of villagers in Greater Noida, the money they had entrusted to a bank over years of work and careful saving has suddenly become the centre of a frightening mystery. Customers of Punjab National Bank (PNB) have alleged that substantial sums disappeared from their savings accounts and fixed deposits without their authorisation, prompting a police investigation into suspected financial irregularities at a branch in the Sector Pi-1 area of Aichhar village.
The complaints initially placed the alleged loss at more than ₹16 crore, according to a senior police officer quoted by ThePrint. As additional customers came forward, other reports on Wednesday cited allegations involving approximately ₹35 crore. The precise amount remains unverified and will have to be established through the investigation.
An FIR has been registered at the Beta-2 police station for alleged criminal breach of trust. Several bank employees, including the branch manager, have been suspended, while the Economic Offences Wing (EOW) has been brought in to investigate the case.
The central question confronting the affected customers is simple but urgent: how could money that they believed was safely deposited in a nationalised bank apparently disappear from their accounts?
A ₹1.16-CRORE FIXED DEPOSIT THAT WAS NO LONGER THERE
One of the customers who brought the matter to light was 78-year-old Srichand, a resident of Biraundi village. He had deposited ₹1.16 crore in a fixed deposit at the PNB branch the previous year.
When he visited the bank on Tuesday to renew the deposit, he was shocked to discover that the money was no longer reflected in the account as he expected. Initially believing that an error had occurred, he repeatedly asked bank employees to check the records.
According to his account to ThePrint, the money remained missing after the checks. He subsequently spoke with other villagers who had also deposited substantial sums at the same branch and learned that they were reporting similar discrepancies.
Many of the affected customers are farmers who received compensation from the Uttar Pradesh government for land acquired for the Jewar airport project. Some had placed their compensation money in fixed deposits as a means of preserving their savings rather than spending the proceeds immediately.
For these families, the alleged disappearance of funds represents more than a banking dispute. The money may have been intended to support retirement, meet medical expenses, finance marriages or provide security after the loss of agricultural land.
HOW MUCH MONEY IS ALLEGED TO HAVE GONE MISSING?
The figures emerging from the complaints vary, and investigators have yet to establish the final amount.
According to the initial police account reported by ThePrint, at least 18 people had approached the authorities alleging fraud by Wednesday noon. Their complaints collectively involved more than ₹16 crore.
Other reports published on Wednesday cited complaints from approximately 25 customers and allegations that the total amount involved could be around ₹35 crore. Police have cautioned that the exact figure has not been established and that more people may come forward.
Individual cases illustrate the scale of the concerns.
Gautam, a villager from the area, told ThePrint that his farmer father’s bank account had previously contained approximately ₹94 lakh. When the family visited the branch to withdraw ₹50,000 for an urgent requirement, they were reportedly informed that only around ₹16,000 remained.
Another customer, Bijendra Singh, alleged that approximately ₹88 lakh had disappeared from his account. He also said that a separate fixed deposit worth ₹25 lakh was no longer available.
A further family alleged that an account originally credited with approximately ₹1.29 crore in compensation for land acquired for the airport project had lost around ₹1.18 crore after the family’s own withdrawals were taken into account.
These are individual allegations rather than independently established losses. Bank records and transaction trails will be needed to determine the exact amounts involved and how the discrepancies occurred.
ALLEGED UNAUTHORISED WITHDRAWALS AND PREMATURE CLOSURE OF FIXED DEPOSITS
The complaints describe a pattern in which customers allegedly discovered that their fixed deposits had been prematurely closed or that money had been transferred from their accounts without their knowledge.
Some customers have also alleged that fraudulent entries appeared in their passbooks. Others said they had not received transaction alerts or signed documents authorising the transfers they subsequently questioned.
If substantiated, such allegations would raise serious questions about transaction authorisation, account monitoring and internal controls at the branch.
However, the precise mechanism through which the money allegedly disappeared has not yet been conclusively established. Investigators must determine whether funds were transferred to other accounts, withdrawn through unauthorised transactions, moved through irregular banking entries or affected by another form of misconduct.
The distinction matters because the method used to move the money will help identify the individuals responsible, establish the extent of any criminal conduct and determine what steps are necessary to recover the funds.
POLICE REGISTER FIR, ECONOMIC OFFENCES WING JOINS PROBE
The Gautam Buddh Nagar police have registered an FIR at the Beta-2 police station under Section 316(5) of the Bharatiya Nyaya Sanhita, relating to alleged criminal breach of trust.
The case was registered against unidentified bank employees, according to ThePrint. The police are examining the complaints and the circumstances surrounding the missing balances.
A senior police officer said the Economic Offences Wing had been brought in because of the scale of the alleged losses. The investigation is expected to examine account statements, fixed-deposit records, transaction authorisations and the destination of the disputed funds.
The police have also indicated that additional complaints will be investigated if more customers report discrepancies.
At this stage, the allegations do not establish the guilt of any particular employee. The investigation must determine whether the missing money resulted from criminal acts, administrative failures or another cause, and identify any individuals against whom evidence supports further legal action.
BANK EMPLOYEES SUSPENDED AS CUSTOMERS DEMAND ANSWERS
Several PNB employees, including the branch manager, have been suspended following the complaints. Reports have also indicated that new personnel were deployed at the branch as the matter came under scrutiny.
Affected customers gathered outside the branch on Tuesday and Wednesday, demanding explanations and the return of their money. Some subsequently approached the police after failing to obtain answers that satisfied them.
For many, the lack of a clear explanation has compounded their distress. Customers who believed their savings were secure now face uncertainty about whether the funds can be recovered and how long the process might take.
PNB had not issued a detailed public statement on the allegations by the time of ThePrint’s report. The bank’s management was contacted for comment, and its response will be important in clarifying what the institution knows about the transactions, what its internal inquiry has established and what steps it intends to take for affected account holders.
Suspension of employees is an administrative measure and should not be treated as proof of criminal guilt. Equally, the bank’s internal review must be accompanied by a clear accounting of the disputed transactions and appropriate communication with customers.
THE AIRPORT COMPENSATION MONEY AT THE CENTRE OF THE DISPUTE
The case has particular significance because several affected customers reportedly deposited compensation received after land was acquired for the Jewar airport project.
For farmers who lose agricultural land, compensation can represent the conversion of a long-term livelihood into a finite sum of money. Placing that sum in a fixed deposit may be an attempt to protect the household’s future income, rather than an indication of disposable wealth.
The alleged disappearance of such savings can therefore leave families exposed to considerable financial insecurity. Some customers said they had plans to use the money for family responsibilities, including weddings, while others had relied on it as a reserve for future needs.
The allegations also raise a broader issue of public confidence. Customers generally expect banks to maintain accurate records, process withdrawals only through authorised procedures and protect deposits through robust internal controls. When substantial discrepancies emerge, depositors need timely explanations and an effective mechanism for resolving their complaints.
WHAT MUST HAPPEN NEXT?
The immediate priority is to establish the facts through a detailed audit of the affected accounts. Investigators will need to compare original deposit records with subsequent transactions, examine whether fixed deposits were closed before maturity, identify the accounts that received disputed transfers and determine whether customers provided valid authorisation.
The bank must also explain how it will handle claims by customers whose balances cannot presently be reconciled with their records. Clear communication about the complaint process, documentary requirements and the status of individual accounts will be essential while the investigation continues.
Customers should retain their passbooks, fixed-deposit receipts, account statements, transaction messages and copies of complaints. They should also request written acknowledgements of any representations made to the bank or police.
The alleged losses at Greater Noida have not yet been conclusively quantified, and responsibility remains to be established. But the complaints have already exposed the profound anxiety that arises when people discover that money they believed secure is no longer available.
For Srichand and the other customers seeking answers, the investigation is about more than identifying a possible financial offence. It is about finding out what happened to years of savings—and whether the money on which their families depend can be recovered
