Monday, 15 April 2013

ATM Frauds by Staff and Agents of Punjab National Bank

Febraury 16, 2013: The Times of India reported that four employees of the Cash Handing Firm employed by Punjab National Bank had stolen around Rs. 5 crore from ATMs of Punjab National Bank in Delhi by inserting higher denomination notes in the cassettes meant for lower denominations. After making the unauthorised changes, the fraudsters would withdraw cash by using some debit cards. When they withdrew Rs. 4000 (10 notes of Rs. 100) from the their account, the machine dispensed Rs. 40,000 (10 notes of Rs. 1000). After making the withdrawal, the fraudsters would again switch the cassettes in the ATM to normal position. The fraud continued during October 2010 and January 2013. It is unexplained how Punjab National Bank allowed this fraud to continue for such a long time. Read more below...

It only goes on to prove our point that the surplus cash left in the ATM after failed ATM Transactions can be easily pocketed by staffers of cash handling agencies or the bank's own staff and then they can report NIL excess cash in the ATM. God save bank depositors in India. Here's the Times of India original news report:

Agents of Punjab National Bank Steal Rs. 5 crore from ATMs in Delhi

February 14, 2013: Zee News reported that in the Madhubani district of Bihar, three persons including two security guards of Punjab National Bank and one Nepalese national were arrested along with 56 debit cards and Rs. 2.80 Lakh in cash after the police undertook a raid at an ATM of Punjab National Bank. The Nepalese national frequently withdrew cash from the ATM with the help of the two security guards - Dinesh Kumar Rai and Kamlesh Singh. This is the link to the original Zee News article:

Punjab National Bank Secrurity Guards involved in ATM Theft

Also See: How to Deal with a Failed ATM Transaction

Terms of Service

Use of any information given in this blog - - is subject to the following Terms and Conditions:

All information given in this blog is obtained from sources in the public domain, RTI applications, discussions with bankers, bank customers in India and also with some employees of Reserve Bank of India having knowledge of the working of various Offices of Banking Ombudsman in India. All information in this blog is presented on a best effort basis and is not claimed to be complete information on any of the subjects covered in this blog. Use of any information given in this blog is purely voluntary on the part of the readers. Author of this blog does not assume any responsibility for any action of the readers related to any matter discussed in this blog or any consequences thereof. Readers of this blog are advised to consult a legal practitioner before taking any action related to any matter discussed in this blog.