PNB Fraud in Bulandshahr: Bank Manager and Agent Arrested for Rs 1.25 Crore Fixed Deposit Scam
A major banking fraud has come to light in Bulandshahr, where 50 customers of Punjab National Bank (PNB) were cheated of ₹1.25 crore. Police have arrested six people in the case, including a former bank manager and a bank agent who is said to be the mastermind.
According to police, the fraud was carried out from inside the bank itself. The main accused, bank agent Akash Kumar, used the login IDs and passwords of bank employees to illegally transfer customers’ fixed deposits into accounts of his relatives. To ensure customers did not get any alerts, he either changed their registered mobile numbers or disabled SMS notifications.
The scam came to light after two customers complained about irregularities in their fixed deposits. Acting on the complaints, branch manager Pinky Rani filed a case at the cybercrime police station. After this, the cyber police and rural SWAT team launched a detailed investigation.
During the probe, police found that Akash had been working as a bank agent at PNB’s Shri Gandhi Ashram branch in Bulandshahr since 2022. He targeted customers who approached him to open fixed deposits. With the help of bank officials, he debited money from customers’ accounts in the name of FDs and transferred it to accounts belonging to his family members and close associates.
The money was routed to the accounts of his mother, father, brothers, uncle, and friends. To avoid suspicion, these transactions were shown as “FDR transfers” in bank records. Akash later prematurely withdrew the money.
Police also found the involvement of former bank manager Ajay Kumar Paswan. During questioning, both Akash and Ajay confessed to the crime. Akash revealed that he shared a portion of the stolen money with bank officials whose IDs were used in the fraud. The former bank manager also received a share.
Investigators said the accused carried out more than 100 illegal transactions across 50 bank accounts without the customers’ knowledge. Shockingly, even government-related funds, such as bank building rent, generator expenses, and electricity bills, were diverted through this criminal conspiracy.
Superintendent of Police (Crime) Naresh Kumar said all the accused have been arrested and sent to jail. During searches, police recovered a large amount of evidence, including computers, laptops, biometric devices, passbook printers, cheque books, rubber stamps, deposit slips, passbooks, and dozens of fake and blank FDRs.
The case has raised serious questions about internal controls and staff accountability in banks, especially when trusted insiders misuse systems meant to protect customers’ money.
