Uttar Pradesh: Fake Currency Found At PNB Branch In Saharanpur District, Value Could Go Up To Rs 17 Cr
Matter came to light when currency worth Rs 11.50 crore was sent from the PNB currency chest to RBI's Jaipur chest on August 5.
Published : September 1, 2026 at 3:11 PM IST
Saharanpur: The value of counterfeit notes, found in the currency chest of the PNB (Punjab National Bank) branch at Ghantaghar in Uttar Pradesh’s Saharanpur district, is increasing by the day. While initial investigations revealed counterfeit currency worth approximately Rs 7.40 crore, reports now suggest the figure could rise to around Rs 17 crore.
The fact that counterfeit currency worth crores of rupees reached the bank's currency chest raises serious questions. Following the disclosure of the incident, investigations have intensified at the bank, police, and administrative levels.
The matter came to light when a consignment of currency worth approximately Rs 11.50 crore was sent from the PNB currency chest to the RBI's Jaipur chest on August 5. During the counting process at the Jaipur chest, a shortfall of Rs 4,30,900 was detected, and officials at PNB Meerut were informed.
Subsequently, Arun Kumar Chaubey, the bank's chief manager and investigating officer, was sent to Saharanpur to probe the matter. The investigation revealed the involvement of Vishal Kumar, a part-time housekeeper working at the currency chest, in the act.
According to bank officials, Vishal had been assigned the task of organising bundles of currency notes. The investigation uncovered that he had been removing cash from the bundles — an act that was also captured on CCTV cameras.
Following the discovery of the shortfall, the bank initiated a detailed audit of the currency chest on August 9. During the counting and verification of the notes, investigators discovered a large quantity of counterfeit currency.
Initially, the value of the counterfeit notes discovered on Monday was estimated to be around Rs 7.40 crore, but the figure rose as the investigation progressed. It is now reported that the amount could reach approximately Rs 17 crore. A comprehensive audit of the currency by the bank is still underway, so the final figure may differ.
During the investigation, the names of senior divisional manager Ravi Kumar Kanse, currency chest manager Sushil Kumar, and the manager of the currency chest in Yamunanagar-Jagadhri (Haryana), Amit Kumar, surfaced. Investigating officers sought information from them regarding the matter.
According to the bank, the officials' responses were unsatisfactory. As a result, senior authorities were apprised of the situation. On the evening of August 29, a formal complaint was lodged against the three officials at the Sadar Bazar police station, and a case was registered.
The bank also announced that all three managers have been suspended. However, the full extent of their involvement and the method by which the counterfeit notes reached the currency chest will only be revealed upon the completion of the investigation.
Separately, action has been taken against part-time housekeeper Vishal Kumar following the discovery of a shortfall amounting to lakhs of rupees in a currency consignment sent to Jaipur. Based on the bank's internal inquiry and CCTV footage, he is accused of removing cash from bundles of notes. A case of theft has been registered against him, and the bank has terminated his services.
The police are now attempting to determine whether there is a link between the housekeeper's theft and the discovery of counterfeit currency worth crores in the chest, or if the two incidents are unrelated.
A question arises: How exactly did counterfeit notes worth crores of rupees find their way into the bank's currency chest? Currency chests handle large volumes of cash, which is transferred to other branches or RBI chests following established protocols. Given the circumstances, the fact that such a large quantity of counterfeit notes reached this point is being viewed as a matter far more serious than mere negligence.
DIG Abhishek Singh said that investigative agencies are working to determine whether the counterfeit notes arrived via another currency chest linked to a different bank branch or if they entered the banking channel at some other stage. A crucial aspect of the investigation involves the currency-checking machines.
Questions are being raised as to why counterfeit notes worth crores of rupees went undetected if the notes had indeed been checked by machines. If they were not checked by machines, then who was responsible for this lapse? Additionally, records of cash movement, bundles, seals, bank registers, the counting process, and CCTV footage are being examined.
Investigative agencies will attempt to ascertain the date the cash arrived, who counted it, which machine was used for verification, and which official accepted it.
In view of the gravity of the matter, DIG Abhishek Singh, District Magistrate Arvind Kumar Chauhan, and the SSP inspected the PNB currency chest located at Sophia Market. The officials inquired about security arrangements, cash handling procedures, and currency verification protocols. They also sought information from bank officials regarding relevant records and documents.
Following the registration of the case, the police are investigating the roles of the accused and are moving towards making arrests. The formation of a Special Investigation Team (SIT) is also being considered. The team is looking into the accused's contacts and potential hideouts.
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