NEW DELHI — The National Investigation Agency has arrested two alleged key conspirators in connection with the recovery of counterfeit Indian currency notes carrying a face value of 17.29 crore rupees from a Punjab National Bank currency chest in Saharanpur, Uttar Pradesh. Investigators suspect the two men formed the core of a criminal network involved in printing and distributing fraudulent banknotes, which subsequently entered the formal banking system through intermediaries.
Arrests Follow Recovery from Bank Currency Chest
The case surfaced on August 29 after Saharanpur police received information regarding the presence of counterfeit currency worth 17.29 crore rupees inside the PNB currency chest located in the Civil Lines area. Following the recovery, local authorities registered an initial case against three individuals under Section 178 of the Bharatiya Nyaya Sanhita, which addresses currency counterfeiting. The federal counter-terror agency subsequently took over the inquiry to uncover the broader conspiracy and identify the individuals operating behind the distribution chain.
Raids in Haryana and Himachal Pradesh Yield Suspects
In an expanded operation, the NIA arrested Ajay Kumar in Ambala, Haryana, on October 16, followed by the apprehension of Harish Rounta in Manali, Himachal Pradesh, on October 22. Investigators allege that the counterfeit currency produced and circulated through the two accused was routed through other intermediaries before being deposited into the bank vault. The agency is currently working to determine the full chain of logistics, including the exact methods used to manufacture such a large volume of fake currency and the specific transport channels employed to move the consignments.
Bank Employees Suspended as Network Scrutinized
The recovery from inside a secured bank facility has raised significant questions regarding institutional oversight and the entry point of the forged notes. Preliminary inquiries revealed the suspected involvement of three bank employees, prompting Punjab National Bank to place all three staff members under suspension as the probe unfolded. The NIA is continuing its investigation into the links between the counterfeiters and the suspended bank personnel, with further legal proceedings expected to map the full network responsible for circulating the fraudulent currency.
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