The arrest of a Punjab National Bank (PNB) official by the National Investigation Agency (NIA) has intensified the probe into one of the biggest counterfeit-currency discoveries in Uttar Pradesh, with investigators now examining whether fake notes worth ₹17.29 crore found inside a bank currency chest were part of a larger network operating through the formal banking system, informed senior NIA officials on Tuesday.
NIA arrests PNB manager
The NIA arrested Amit Kumar, manager of the Jagadhri currency chest on Monday and a key named accused in the case. He was among three PNB officials who came under the scanner after counterfeit Indian currency was detected at the bank’s currency chest in Saharanpur’s Sofia Market area.
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The arrest is significant because the suspected fake currency was not recovered from an individual courier, hideout or border crossing, but from within a banking currency chest—raising questions about how counterfeit notes allegedly made their way into the system and whether some of them could have subsequently moved through legitimate banking channels.
The NIA said the case relates to a conspiracy involving counterfeit currency at the PNB currency chest and that its investigation is continuing to uncover the “complete conspiracy” and identify and arrest other accused.
Three PNB officials under scanner
{{/usCountry}}The NIA said the case relates to a conspiracy involving counterfeit currency at the PNB currency chest and that its investigation is continuing to uncover the “complete conspiracy” and identify and arrest other accused.
Three PNB officials under scanner
{{/usCountry}}The three PNB officials identified in the investigation are senior divisional manager Ravi Kumar Kanse, Sofia Market currency chest manager Sushil Kumar and Jagadhri currency chest manager Amit Kumar. The bank suspended all three after their alleged involvement surfaced during the initial inquiry.
Police had issued lookout notices against them amid apprehension that they could flee to Nepal.
The SIT and Crime Branch subsequently searched the residences of the three officials and seized electronic devices and documents. Investigators are examining the material to establish their contacts, movements and possible links with others.
NIA takes over investigation
The NIA has now 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 reconstructing the chain of currency movement preceding the discovery of the fake notes.
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How did counterfeit notes enter the currency chain?
According to details emerging from the probe, ₹111 crore in currency was sent from Saharanpur to the Reserve Bank of India’s Jaipur office on July 6 through the currency-handling network. The consignment reportedly comprised 1,900 bundles of ₹500 notes and 800 bundles of ₹200 notes.
Investigators are examining the packing and dispatch of the consignment, which was reportedly entrusted to a part-time housekeeper, and are trying to establish at what stage the suspected counterfeit notes entered the currency chain.
The investigation has also been looking at the possibility that counterfeit notes may have been distributed from the currency chest to bank branches and ATMs before the irregularity was detected.
One of the key unanswered questions is therefore the extent to which the suspected fake currency may already have entered circulation. Investigators have yet to establish the quantity, if any, that could have moved outside the currency chest.
Possible Nepal link under probe
The probe has also acquired a possible cross-border dimension.
Police are examining the contacts and movements of the three accused to determine whether they had links with persons or groups operating near or across the Nepal border. The lookout notices were issued partly amid fears that the accused could leave the country.
However, a definitive Nepal connection has not yet been established, and investigators are treating it as a line of inquiry.
Saharanpur SSP Abhinandan had earlier confirmed the recovery of important evidence during the searches and the issuance of lookout notices against the three accused.