Crime branch to probe recovery of fake notes in Meerut bank chest

The fake currency notes in ₹500, ₹200, ₹100 and ₹50 denominations were detected during scrutiny of cash received at the currency chest over nearly 13 months

The Meerut police crime branch will investigate the recovery of 1,323 counterfeit currency notes with face value of ₹4.63 lakh from the currency chest of an Axis Bank branch in Meerut’s Mangal Pandey Nagar earlier this month, while the Anti-Terrorism Squad (ATS) will monitor the probe, police officials said.

The Civil Lines police prepared a preliminary report and submitted it to the SSP. Statements of bank officials and employees are also expected to be recorded. (For Representation)

SP (city) Vinayak Gopal Bhosle said SSP BBGTS Murthy handed over the investigation to the crime branch. The probe will be conducted by a team under the supervision of the SP (crime), he added.

The fake currency notes in ₹500, ₹200, ₹100 and ₹50 denominations were detected during scrutiny of cash received at the currency chest over nearly 13 months between December 1, 2024 and December 31, 2025, according to a complaint submitted by currency chest manager Sartaj Singh to the Meerut SSP on September 16, 2026.

Subsequently, an FIR was registered at Civil Lines police station on September 22. The currency chest, located at the Axis Bank branch under Medical police station area, is linked to 186 branches of the bank.

The counting of cash was done during the second week of this month. Bank officials are now collecting records and other details related to the cash deposited during the period under investigation.

The Civil Lines police prepared a preliminary report and submitted it to the SSP. Statements of bank officials and employees are also expected to be recorded.

The case has also raised concerns because counterfeit notes worth ₹2.37 lakh had been detected at the same Axis Bank branch in 2024. An FIR was registered at the Civil Lines police station in that case and police said the investigation was still underway.

The fresh recovery has renewed demands from bank employees for the installation of advanced currency verification machines. Bank employee unions have approached the Reserve Bank of India seeking such equipment to strengthen the detection of counterfeit notes, particularly given the large volume of cash handled by bank staff.

Lalit Sharma, deputy general secretary of the Indian Bank Employees Union, Uttar Pradesh, said private banks needed to remain more proactive in strengthening their systems. Bank Union secretary Ahmed Rahman said a cashier could handle transactions of nearly ₹1 crore in a day, making advanced machines important for detecting counterfeit currency.

The Meerut case is also being viewed against the backdrop of the recovery of counterfeit currency worth ₹17.29 crore from the currency chest of Punjab National Bank in neighbouring Saharanpur. The National Investigation Agency is investigating the Saharanpur case.