Investigation widened after audit raises counterfeit tally to ~₹17 crore
A Special Investigation Team (SIT) has been constituted to probe an alleged circulation and storage of counterfeit currency at the Punjab National Bank (PNB) currency chest in Saharanpur, officials said on Tuesday, after a preliminary gap in cash expanded into a larger discovery.
The matter came to light when PNB's internal checks showed a discrepancy. The initial value of the fake notes was calculated at ₹7.4 crore, but as audit and verification proceeded the amount identified as counterfeit rose to around ₹17 crore, according to police records and bank sources.
“A departmental inquiry has been initiated by the bank and an investigation by the Reserve Bank of India is underway,” the report said.
PNB has suspended three officials whose roles were under suspicion during the bank’s preliminary inquiry. The suspended employees have been named in filings as Ravi Kumar Kansay (senior manager, divisional office), Sushil Kumar Sharma (manager, currency chest at Sophia Market, Saharanpur) and Amit Kumar (manager, PNB currency chest at Khera Bazaar in Yamunanagar-Jagadhri, Haryana). A part-time housekeeper, Vishal Kumar, was also named in the police complaint lodged by PNB’s Meerut office.
PNB’s Meerut chief manager and nodal officer, Arun Kumar Chaubey, lodged a complaint at Sadar Bazaar police station, following which a case was registered against the three bank officials and the housekeeper. Police said they were examining whether counterfeit notes were deliberately introduced into the chest in exchange for genuine currency and whether the operation involved other employees.
- Initial counterfeit detection: ₹7.4 crore
- Revised counterfeit total after audit: ≈ ₹17 crore
- Officials suspended: 3 PNB employees and 1 part-time staffer
Probe scope includes Haryana, Uttarakhand and neighbouring districts
Police said the SIT will reconstruct the sequence of events and trace the source and movement of the suspect notes. Investigators are scrutinising the chain through which cash entered the currency chest, its storage, handling and subsequent dispatch to other chests. Raids and verification drives were reported to be underway in parts of Haryana, Uttarakhand and adjoining districts as the probe widened beyond Saharanpur.
PNB has also initiated a departmental inquiry and the Reserve Bank of India is investigating the matter, as the case touches on operational controls at a bank-managed currency chest — a key node in regional cash logistics. Police records show the probe will determine if the alleged replacement of genuine notes with counterfeits was an isolated incident or part of a larger organised effort.
| Item | Detail |
|---|---|
| Initial detection | ₹7.4 crore (counterfeit) |
| Audited total | ≈ ₹17 crore (counterfeit) |
| Suspended | 3 PNB officials, 1 part-time housekeeper |
| Authorities involved | Local police SIT, PNB departmental inquiry, RBI |
The case has potential consequences for public confidence in cash-handling at bank currency chests, an issue of particular significance in a district that serves as a commercial hub for surrounding rural areas. Currency chests are entrusted with the receipt, storage and supply of banknotes to branches and ATMs; any lapse can disrupt local liquidity and teller operations.
Investigators will rely on audit trails, CCTV footage, custody logs and staff access records to establish responsibility. Police statements emphasise the probe’s dual focus: identifying the origin of the counterfeit notes and establishing whether irregularities occurred within the chest’s administration or at earlier points in the cash supply chain.
Further updates are expected as the SIT completes raids, forensics and verification of the seized notes and as RBI and bank disciplinary processes progress.
