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NIA Probe Begins After Massive Counterfeit Currency Recovery From Bank Facility
Saharanpur: A major counterfeit currency case has emerged from Uttar Pradesh after fake Indian currency notes worth Rs 17.29 crore were recovered from a Punjab National Bank currency chest in Saharanpur. The discovery has triggered a high-level investigation as the National Investigation Agency examines whether the fake currency was part of a larger network operating through the banking system.
The case has drawn serious attention because the suspected counterfeit notes were not seized from a smuggler, illegal hideout or border route but were found inside a bank currency chest, raising questions over how fake currency allegedly entered the formal financial system.
The NIA has arrested Amit Kumar, manager of the Jagadhri currency chest, in connection with the case. Investigators are now trying to trace the complete chain of currency movement and identify other people who may have played a role in the alleged counterfeit currency operation.
The fake notes were detected at the Punjab National Bank currency chest located in the Sofia Market area of Saharanpur. A currency chest is a facility used by banks to store and distribute cash to branches and maintain currency circulation.
The recovery of such a large quantity of counterfeit notes from this location has raised concerns among security agencies about possible misuse of banking channels.
The NIA is investigating whether the fake notes were introduced into the currency chest through a planned conspiracy and whether they reached other branches, ATMs or customers before detection.
The National Investigation Agency has taken over the investigation and is examining multiple angles, including the source of the counterfeit notes, people involved in the alleged network and the movement of fake currency through banking channels.
Investigators are reconstructing the trail of cash transactions to understand how the fake notes reached the PNB currency chest and whether any organised group was involved.
The agency is also looking into a possible cross-border connection, including a suspected Nepal link, as part of its investigation into the counterfeit currency network. Officials are examining whether the fake currency was part of a wider operation aimed at circulating counterfeit Indian currency through legitimate financial institutions.
During the initial investigation, three Punjab National Bank officials came under scrutiny. The officials identified in the probe include Senior Divisional Manager Ravi Kumar Kanse, Sofia Market currency chest manager Sushil Kumar and Jagadhri currency chest manager Amit Kumar.
The bank suspended the officials after their alleged involvement came under investigation. The arrest of Amit Kumar has further intensified the probe, with investigators now focusing on the role of individuals responsible for handling and movement of cash within the banking system.
Counterfeit currency cases have remained a major concern for security agencies because fake notes can affect financial stability and may be used to fund illegal activities. The recovery of Rs 17.29 crore worth of fake currency from a bank facility has increased concerns about vulnerabilities in cash management systems.
Investigators are now trying to determine whether the counterfeit notes were circulated beyond the currency chest and if any branches or ATMs received the suspected fake currency.
The biggest concern emerging from the case is how counterfeit notes allegedly entered a protected banking facility. Currency chests follow strict security procedures, making the recovery of such a large quantity of fake notes a serious matter.
The investigation will focus on cash verification processes, movement records, officials responsible for handling currency and possible gaps that may have been exploited.
The NIA is expected to continue questioning suspects, examining financial records, analysing currency movement data and identifying other people connected with the alleged network. The agency is also likely to investigate the possible international links of the counterfeit currency operation.
The focus now remains on finding out the origin of the fake notes, how they entered the banking system and whether more counterfeit currency has already reached circulation.
