Punjab National Bank: CBI arrests two in Rs 10.24 crore probe

The Central Bureau of Investigation (CBI) arrested an office assistant at Punjab National Bank’s Pi branch in Greater Noida, Uttar Pradesh, and a private individual on 3 November 2026 in connection with an alleged Rs 10.24 crore fraud involving customer accounts, the agency said.

The CBI said it registered the case on 29 October 2026 after receiving a complaint alleging that the employee had diverted money through unauthorised debit transactions in conspiracy with a private person and other unidentified people. A debit transaction removes money from an account; the complaint alleges that the affected customers had not authorised these transfers.

CNBC-TV18 identified those arrested as Deepanshi Sharma, an office assistant and sub-staff member at the branch, and Ashutosh Kumar Pathak. The outlet reported that, in a response to a media query about its November 3 press release, the CBI said Sharma allegedly transferred money into Pathak’s bank account.

The CBI’s release did not name either accused. It said the agency had obtained transit remand for the private individual from the Special Court for CBI Cases in Pune, Maharashtra. Hindustan Times reported that he was arrested in Pune. The arrests concern allegations under investigation, not findings of guilt.

A passbook update brought the transactions to notice

The bank’s complaint followed a customer’s discovery of transactions she did not recognise, according to reporting by Mint and Hindustan Times.

Mint reported that PNB’s complaint said an account holder approached the branch head on September 16 about three suspicious debits. She had visited the branch to update her passbook and said she had neither authorised the transactions nor been informed about them.

According to Hindustan Times, reporting details of the bank’s complaint, the employee allegedly described the transfers as genuine and connected to a proposed property investment. The bank could not locate the corresponding transaction vouchers, prompting a wider examination of account activity. Vouchers are the supporting records for transactions.

Mint reported that PNB’s Noida Circle chief manager sent a written complaint to the CBI on October 23. The CBI’s subsequent announcement confirms that the case was registered on October 29, but does not set out the earlier internal inquiry in detail.

Bank credentials and fixed deposits under scrutiny

The alleged method went beyond a single transfer. Mint, citing PTI’s account of the bank’s complaint, reported preliminary findings involving unauthorised use of banking credentials, changes to customer account particulars, diversion of funds and alterations to fixed deposit records.

According to the complaint as reproduced by Mint, a review of system logs, user activity records and transactions indicated that Sharma allegedly used core banking system user IDs belonging to different branch officials. Core banking is the system through which bank staff access accounts and process transactions.

Hindustan Times reported that the employee allegedly misused the IDs and passwords of six officials without their knowledge or consent. That allegation does not establish that the officials whose credentials appeared in the records participated in the alleged fraud.

Mint also reported, citing The Times of India, that a review of CCTV footage allegedly showed Sharma operating colleagues’ workstations when they were away. The footage account remains part of the reported inquiry; it is not a judicial finding about responsibility for individual transactions.

Fixed deposits were also allegedly affected. According to the complaint described by Mint, Pathak and others were added as joint holders to several deposits, the accounts designated to receive the proceeds were changed, and deposits were closed prematurely. A premature closure releases a fixed deposit before its scheduled maturity.

These allegations describe different stages of the suspected diversion: gaining access to banking systems, changing account or deposit details, and moving money into beneficiary accounts.

Rs 10.24 crore case amount differs from customer allegations

The Rs 10.24 crore figure is the amount stated in the complaint on which the CBI registered its case. It is not an adjudicated loss or necessarily the final total.

Mint reported that PNB’s estimate was subject to reconciliation, meaning the bank was still checking records to establish the amount involved. Hindustan Times likewise reported that the bank’s preliminary assessment identified unauthorised debits of Rs 10.24 crore.

Both publications also reported customer allegations that nearly Rs 35 crore was missing from savings accounts and fixed deposits. That larger amount is a customer allegation, not the figure confirmed in the CBI’s arrest announcement. The reports do not establish a final reconciliation between the two amounts.

Separately, IANS reported customer complaints in an October 27 dispatch. One account holder alleged that nearly Rs 90 lakh was missing. Another said around Rs 51 lakh had been withdrawn without authorisation from his mother’s account.

The latter customer told IANS that the account was not linked to a mobile number, which had prevented the family from receiving timely transaction alerts. This was his explanation for the delay in noticing the withdrawals, rather than a finding about the branch’s alert systems generally.

Customer repayment remains unresolved

IANS reported that some customers said bank officials had assured them that efforts were underway to resolve the matter. One customer said officials had promised that the missing money would be restored. Those assurances were relayed by customers; the report did not document completed repayments.

The arrest announcement does not state how much money has been recovered, how many customers were affected or whether any disputed balances have been restored. CNBC-TV18 reported that the investigation was continuing and that the CBI had not supplied further details about the transactions or the roles of the other unidentified people.