A big scam has been reported from Punjab National Bank in Haryana. One of the senior employees of Punjab National Bank (PNB) created fake firms, sanctioned loans in the name of firms and transferred money to the accounts of his relatives.
This scam has raised a serious question on the compliance and credit monitoring division of the bank. An employee managed to conduct such as big scam without getting noticed.
The accused – Abhishek Garg, was the senior branch manager of the bank and has been accused of embezzling about Rs 2.70 crore on the basis of fake documents.
Also Read: Strike Deferred! Indian Overseas Bank February Strike Deferred
The current branch manager filed the complaint with the police that bogus loans were sanctioned in the branch by previous branch manager.
According to the complaint, Abhishek Garg misused his position while posted at the Dhatir (Palwal), Sector-17, Faridabad, and Manav Rachna Faridabad branches between 2018 and 2021.
The accused created a total of 15 fake customer IDs and opened several bogus accounts in their names, using fake Aadhaar cards. Investigation revealed that the addresses shown on the loans were fake and no person existed at the locations.
Also Read: Government Plans to Install New ATMs to Dispense Smaller Currency Notes
The accused created fake firms and sanctioned loans in the name of firms. He then transferred the loan amount to the accounts of his acquaintances and relatives and withdrew it himself.
The scam was revealed during an internal bank investigation in March 2023. Following a detailed investigation, a report was submitted on September 2, 2025, in which Abhishek Garg was found guilty. Subsequently, in August 2025, the bank management suspended him from service.
Based on a complaint from the current branch manager, Digaram Dahiya, and the Circle Office, Gurugram, the Gadpuri police station registered a case against the accused under sections of fraud, forgery, falsification of records, and criminal breach of trust.
Also Read: Big Strike on 12 February 2026, 10 Central Trade Unions Announce Nationwide Strike
Station House Officer Ashwini Kumar stated that efforts are underway to arrest the accused and he will be arrested soon. The police are conducting a thorough investigation into the matter.
Also Read: SBI Circle Based Officer (CBO) Recruitment 2026 Notification PDF Out for 2050 Posts
How can Banks Prevent such Scams?
Banks can prevent such scams by strengthening their internal systems and reducing over-dependence on a single officer.
Loan processing and approval should be handled by different officials so that no one person has full control. Proper verification of borrowers and firms is very important, including physical checks of business locations and documents like PAN, GST and bank accounts.
Also Read: Goldsmith cheats India’s Largest PSU Bank, Fake Gold submitted in SBI
Banks should use technology to track suspicious transactions, especially when loan money is quickly transferred to related or family accounts. Regular audits, surprise inspections, and rotation of staff working in sensitive positions can help detect wrongdoing early.
