A huge money anomaly has come to light at a branch of Punjab National Bank (PNB) in Mandsaur district that led to the inauguration of a money chest and an investigation by the police and an inquiry by the bank after large cash shortage was found during verification.
A detailed check of a cash chest has led to a discovery of an imbalance between the cash recorded in the chest and cash found in the PNB bank, officials said. At the time of verification, the bank authorities discovered that much of the currency in circulation amounted to a no-re youths in official vault records. During the verification process it was claimed that the level of cash that was in circulation was significantly below that in the official vault records.
An alleged embezzlement of about ₹1 crore has been found from the preliminary findings. In the wake of the discovery, a criminal case was filed against Anuj Sharma, the former branch manager, and dep manager Utkarsh Ghavari. Officials have also been both suspended in sentiments.
Areas of irregularities were identified while reconciling the cash reserves and bank counterparts at the currency chest, authorities said. The situation was then reported to the police/law enforcement authorities and a formal complaint made.
Police have started looking at bank documents, transactions and cash management practices to through the scope of financial irregularities. Investigators are also determining if other people could have been involved in the case.
The irregularities, officials have indicated, seem to have been taking place since at least December 2025 and dates up to recent months. The alleged discrepancy has raised concerns about the internal controls and oversight within the banking system, particularly due to the scale of the alleged discrepancy.
The investigation is still on-going, the Additional Superintendent of Police Ter Singh Baghel replied, adding that an FIR has been lodged with police. The value of the money and whether other people were implicated will become clearer as the investigation continues, the authorities said.