Punjab National Bank (PNB) has suspended 12 employees and filed a case with the Central Bureau of Investigation (CBI) after suspicion grew that a senior branch official, with the help of some outsiders, used the branch managers' password to transfer money from customers’ accounts without their knowledge.

The suspensions have been based on allegations that a female staff member at the Greater Noida branch misused the passwords of other employees, including the branch manager, to carry out unauthorised transactions.

While investigating the incident, the state-owned bank has suspended even the branch manager and taken the matter to the CBI for further investigation.

The bank currently estimates the amount transferred out of customers’ accounts at less than Rs 10 crore. But complaints filed have put it at over Rs 11.24 crore, while some customers at the bank’s Greater Noida branch have reported around Rs 35 crore missing from the savings accounts and fixed deposits of various account holders.

PNB, however, is yet to state the final amount involved in the alleged fraud as investigation and verification of customer claims are continuing.

The bank has assured its customers that all genuine claims will be honoured. The lender said it is examining customer complaints on priority and cooperating with the authorities.

Already, it has settled three claims amounting to Rs 43 lakh. The lender said it will take strict action against anyone found responsible and was taking steps to ensure such an incident does not happen again.