Weeks after PNB case, ₹4.63 lakh in fake currency found in Axis Bank chest in UP's Meerut

This comes weeks after counterfeit currency notes worth ₹17.29 crore were detected in the currency chest of Punjab National Bank in neighbouring Saharanpur.

Weeks after counterfeit currency notes with a face value of ₹17.29 crore were reportedly detected in the currency chest of Punjab National Bank in neighbouring Saharanpur, fake notes worth ₹4.63 lakh have been found in the currency chest of Axis Bank in Meerut, police said.

As many as 1,323 of these currency notes were detected during scrutiny of cash received at the Axis Bank currency chest in Mangal Pandey Nagar. (AFP/ Representational)

As many as 1,323 of these currency notes were detected during scrutiny of cash received at the Axis Bank currency chest in Mangal Pandey Nagar under the Medical police station area between December 1, 2024 and December 31, 2025.

Cash counting uncovers counterfeit notes

The counting of cash was done during the second week of this month during which counterfeit notes in denominations of ₹500, ₹200, ₹100 and ₹50 were detected. Their total face value was ₹4,63,650, according to the complaint filed by currency chest manager Sartaj Singh.

Singh, a resident of Hisar posted as the manager of the Axis Bank branch in Mangal Pandey Nagar, submitted a complaint to Meerut SSP BBGTS Murthy on September 16. Subsequently, an FIR was registered at Civil Lines police station on September 22. Civil Lines police station is the nodal police station for counterfeit currency cases in Meerut.

According to the complaint, the currency chest is linked to 186 Axis Bank branches. Customers deposit cash at these branches after which the money is sent to the currency chest for examination and processing.

During verification of cash received over a period of around 13 months, bank officials detected the counterfeit notes. The source of the fake currency and the manner in which it entered the banking system have not yet been established.

SP (city) Vinayak Gopal Bhosle said an FIR was registered against unidentified persons under Sections 178, 179, 180, 181 and 182 of the BNS.

These provisions relate to offences involving counterfeiting currency, using or possessing counterfeit notes, making or possessing instruments for counterfeiting and making or using documents resembling currency notes.