The illicit transfers relied on compromised credentials belonging to various branch staff members, including the branch manager. While affected customers allege that around Rs 35 crore was drained without triggering transaction alerts, bank officials maintain the financial loss remains under Rs 10 crore. A comprehensive internal inquiry is progressing alongside the federal probe to establish the exact scope of the breach. Management plans to conclude its examination soon so that formal recovery proceedings can get underway.
Key points
Punjab National Bank suspended 12 employees whose credentials were tied to the illicit br…: Punjab National Bank suspended 12 employees whose credentials were tied to the illicit branch transfers pending an inquiry.
Federal investigators have taken up the case through a formal complaint submitted to the…: Federal investigators have taken up the case through a formal complaint submitted to the Central Bureau of Investigation.
The institution expects to establish the verified financial impact and commence asset rec…: The institution expects to establish the verified financial impact and commence asset recovery within the coming days.
Sources checked by our analysis pipeline: 1
The bank is still investigating the full impact of the fraud and currently has put the total amount lost at less than Rs 10 crore, lower than social media claims of Rs 35 crore. “This person in the branch used the password of the branch manager to make some unauthorised transfers from various individual bank accounts. All the employees involved including the branch manager whose password was used have been suspended pending enquiry,” said a senior PNB official.
Media reports said that customers of a PNB branch in Greater Noida have alleged that nearly Rs 35 crore went missing from their savings accounts and fixed deposits. Several account holders claimed that they had neither authorised the transactions nor received alerts about the fund transfers. The senior PNB official however said that the amount is lower.
“Our initial estimate is that the total amount which went out of the accounts is less than Rs 10 crore, but investigations are still on going. In the next few days and we thoroughly examine what has happened we will be able to crystalize the…
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