₹17.29 Crore Fake Notes in PNB Currency Chest: NIA Probes Nepal Link After Manager’s Arrest

The National Investigation Agency (NIA) on Monday arrested Amit Kumar, manager of Punjab National Bank’s Jagadhri currency chest, in connection with a counterfeit currency case in Saharanpur.

Kumar is among three PNB officials who came under the scanner after suspected fake Indian currency was detected at the bank’s currency chest in the Sofia Market area of Saharanpur.

The arrest is significant as the suspected counterfeit notes were allegedly found inside a banking currency chest rather than with an individual courier, at a hideout or during a border seizure. Investigators are now probing how the notes entered the banking system and whether any were subsequently circulated through legitimate channels.

The NIA said the case involves a conspiracy surrounding counterfeit currency at the PNB currency chest and that its investigation is continuing to uncover the “complete conspiracy” and identify other accused.

Three PNB officials under investigation

The three officials under scrutiny are senior divisional manager Ravi Kumar Kanse, Sofia Market currency chest manager Sushil Kumar and Jagadhri currency chest manager Amit Kumar. PNB suspended all three after their alleged involvement emerged during the initial inquiry.

Police had also issued lookout notices against them amid concerns that they could flee to Nepal.

The Special Investigation Team and Crime Branch later searched the residences of the three officials, seizing electronic devices and documents. Investigators are examining the material to trace their contacts, movements and possible links to other individuals.

NIA takes over probe

The NIA re-registered the case after taking over the investigation on September 3. The original FIR was registered at Sadar Bazar police station on August 29 under Section 178 of the Bharatiya Nyaya Sanhita.

Investigators are now reconstructing the movement of the currency before the suspected fake notes were discovered.

How did fake notes enter the banking chain?

According to details emerging from the investigation, around ₹111 crore in cash was sent from Saharanpur to the Reserve Bank of India’s Jaipur office on July 6 through the currency-handling network.

The consignment reportedly contained 1,900 bundles of ₹500 notes and 800 bundles of ₹200 notes.

Investigators are examining how the cash was packed and dispatched and are probing reports that the consignment was entrusted to a part-time housekeeper. They are also trying to determine when and where the suspected counterfeit notes entered the currency chain.

The probe is further examining whether fake notes could have been distributed from the currency chest to bank branches and ATMs before the irregularity was detected.

A key question is whether any of the suspected counterfeit currency entered circulation. Investigators have yet to determine how much, if any, may have moved beyond the currency chest.

Possible Nepal link under investigation

The case has also taken on a possible cross-border dimension, with investigators examining the contacts and movements of the three officials for potential links to individuals or groups operating near the Nepal border.

The lookout notices were issued partly amid concerns that the accused could leave the country.

However, investigators have not yet established a definitive Nepal connection and are treating it as one of several lines of inquiry.

Saharanpur SSP Abhinandan had earlier confirmed the recovery of key evidence during searches and the issuance of lookout notices against the three officials.