Two arrested as NIA expands probe into counterfeit notes found in Saharanpur PNB chest
The National Investigation Agency (NIA) on Thursday arrested two men it identified as main conspirators in the production and supply of counterfeit Indian currency notes that investigators say were channelled, through several accused, into the Punjab National Bank (PNB) currency chest in Civil Lines, Saharanpur. With these arrests, the number of people taken into custody in the case has risen to seven, the agency said.
The agency named the newly arrested as Ajay Kumar, son of Ramesh Chand, who was taken into custody in Ambala, Haryana, on October 16, and Harish Rounta, son of Devi Chand Rounta, arrested in Manali, Himachal Pradesh, on October 22. The NIA described both as close associates of previously arrested accused, including Adesh Choudhary.
The investigation follows the detection on August 29 of counterfeit notes with an estimated face value of ₹17.29 crore inside the PNB currency chest in Saharanpur. The NIA said it is probing how the fake notes entered the banking system, the alleged roles of bank personnel and intermediaries, and the wider printing and supply network.
- The initial recovery of fake notes from the PNB currency chest was reported to the police on August 29.
- An FIR was registered the same day under Section 178 of the Bharatiya Nyaya Sanhita, which deals with currency counterfeiting; the bank suspended three employees who subsequently surfaced as allegedly involved.
- The NIA re-registered the case on September 3 and assumed charge of the investigation.
Officials are also scrutinising the movement of a separate currency consignment worth ₹111 crore that was despatched from Saharanpur to the Reserve Bank of India’s Jaipur office on July 6. The consignment reportedly comprised 1,900 bundles of ₹500 notes and 800 bundles of ₹200 notes. Investigators are examining whether counterfeit notes entered the formal banking network before detection and whether any suspected fake notes were subsequently forwarded to branches or ATMs.
| Date | Event | Details |
|---|---|---|
| 6 July | Currency consignment sent | ₹111 crore sent from Saharanpur to RBI Jaipur (1,900 bundles of ₹500; 800 bundles of ₹200) |
| 29 Aug | Detection and FIR | Counterfeit notes of face value ₹17.29 crore found in PNB currency chest; FIR registered under Section 178 BNS; three bank employees suspended |
| 3 Sep | NIA takeover | NIA re-registered the case and took over investigation |
| 16 Oct | Arrest | Ajay Kumar arrested in Ambala (Haryana) |
| 22 Oct | Arrest | Harish Rounta arrested in Manali (Himachal Pradesh) |
Prior to the latest arrests the NIA had taken five people into custody in September, officials said. Those arrested earlier in the probe include Amit Kumar (named in the original FIR), Adesh Choudhary (described by investigators as a key accused), and Mukesh Kumar, Rajender and Nitu. The agency has said the probe remains active as it seeks to map the chain of the conspiracy and identify the source of the alleged printing operation.
The presence of a substantial volume of counterfeit notes inside a currency chest — a high-security facility operated by banks on behalf of the Reserve Bank of India to store cash for distribution to branches and ATMs — has prompted questions about internal controls, verification procedures and access protocols at the facility in Saharanpur. Investigators have not publicly detailed how the counterfeit notes entered the vault or whether the three suspended bank employees are accused of facilitating placement of the notes.
The NIA statement emphasised that enquiries will examine whether any suspected fake currency was circulated further into branches or ATM networks and will trace the full supply chain, including the printing sources and intermediaries involved in moving the notes to Saharanpur.
Local law-enforcement sources said the agency's actions across multiple states reflected its assessment that the case involved an organised operation with links beyond Uttar Pradesh. The probe's outcome could have implications for banking security protocols in the region and for how currency chests are audited and monitored by bank management and the Reserve Bank.
