Counterfeit currency worth ₹17 crore found at Punjab National Bank chest in Uttar Pradesh

An audit at a Punjab National Bank currency chest in Saharanpur uncovered counterfeit notes worth about ₹17 crore, prompting investigations by Uttar Pradesh Police, the bank and the Reserve Bank of India.

The irregularity first emerged after officials detected a shortage in currency sent from PNB’s Ghantaghar branch in Saharanpur to the RBI currency chest in Jaipur. An audit that began on Aug. 9 initially found 148 bundles of counterfeit currency, each containing 1,000 fake ₹500 notes. The value was first estimated at ₹7.40 crore, then rose to about ₹17 crore as the audit continued.

Police have formed a special investigation team and expanded their inquiry to neighbouring districts, Haryana and Uttarakhand. CCTV footage allegedly shows part-time housekeeper Vishal Kumar removing notes from currency bundles inside the chest.

PNB suspended three officials whose roles came under suspicion during its preliminary inquiry. Ravi Kumar Kansay, Sushil Kumar Sharma and Amit Kumar, along with Vishal Kumar, were named in a complaint filed by PNB Meerut chief manager and nodal officer Arun Kumar Chaubey.

Saharanpur Deputy Inspector General Abhishek Singh said a case had been registered against the three managers and the housekeeper. The charges include counterfeiting currency, criminal breach of trust and cheating under the Bharatiya Nyaya Sanhita. The bank’s departmental inquiry and the RBI investigation are continuing.

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A case had been registered on the complaint of the bank’s chief manager against the three managers and the part-time housekeeper. He said the bank was conducting its own inquiry while police were investigating the entire matter.