Saharanpur: No Arrest a Week After Fake Currency Discovery. A week after counterfeit currency worth ₹17.29 crore was discovered at a Punjab National Bank (PNB) currency chest in Saharanpur on August 29, investigators are yet to establish where the fake notes came from or how they entered the bank’s cash-handling system.
No accused has been arrested so far, while multiple agencies are examining bank employees, cash movement records, CCTV footage, documents and other evidence linked to the currency chest.
The case came to light after bank nodal officer Arun Kumar Chaubey filed an FIR naming three bank managers and a part-time housekeeper. The discovery of such a large quantity of suspected counterfeit currency inside a secured banking facility has prompted scrutiny of the processes used to receive, count, verify, sort, store and dispatch cash.
NIA Takes Over Examination of Currency Chest
The National Investigation Agency (NIA) has taken the currency chest into its custody and is examining available evidence and records.
Investigators are checking historical documents, cash movement details and records relating to the receipt and dispatch of currency. One of the key objectives is to reconstruct the route taken by the suspected counterfeit notes before they were detected.
The Special Investigation Team (SIT) is examining the possible involvement of bank officials and employees, while the Reserve Bank of India (RBI) and forensic teams are separately analysing the currency and other evidence.
Police teams have also conducted searches at various locations in an effort to trace the accused.
So far, investigators have not announced a confirmed breakthrough. Statements, financial and cash records, CCTV footage and other evidence are being compared to establish a consistent sequence of events.
How Did ₹17.29 Crore in Fake Notes Reach the Bank?
The central question remains the source of the counterfeit currency.
Investigators are examining whether the fake notes entered the banking system during routine cash movement or were allegedly introduced at a specific stage in the handling process.
Another focus is determining whether genuine currency was replaced with counterfeit notes and, if so, who had access to the cash at the relevant time.
Officials, employees and others connected with the currency chest have reportedly been questioned. Their statements are being compared with bank records and other evidence to identify possible inconsistencies in the documented movement of cash.
CCTV Footage and Missing Employees Under Scanner
CCTV footage from around the currency chest has emerged as an important part of the investigation.
According to information emerging from the probe, some accused persons were reportedly seen around the currency chest for nearly two days after the FIR was registered. Investigators are examining the footage to establish who entered or remained near the facility and what activities took place during that period.
The development has also raised questions about security arrangements at the sensitive cash-handling facility.
Four PNB employees are reportedly missing or untraceable. They are said to have been in contact with accused Amit Kumar and Sushil Sharma.
Investigators are attempting to locate the employees and record their statements, which could potentially help establish how cash was moved internally and what activities took place around the currency chest.
₹111 Crore Cash Movement Also Being Examined
A separate ₹111 crore cash movement on July 6 has emerged as another significant line of inquiry.
Investigators are examining how the cash was counted, sorted, bundled, packed, sealed and dispatched, as well as which employees handled it at each stage.
The movement of the cash to the Reserve Bank of India in Jaipur and the records associated with the dispatch are also being scrutinised.
One of the questions being examined is whether the ₹111 crore cash movement had any connection with the ₹17.29 crore in counterfeit notes subsequently discovered at the currency chest.
No such connection has been officially established so far, but records relating to the transaction are being examined as part of the wider investigation.
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Agencies Reconstruct Complete Cash Trail
The NIA, SIT, RBI, forensic teams and bank-level investigators are examining different aspects of the case with the objective of reconstructing the complete cash trail.
Investigators are trying to establish when and where the counterfeit notes may have entered the banking chain and who had access to the cash during the relevant period.
The possibility of involvement from within the banking system is also being examined, although no conclusion has been officially confirmed.
CCTV footage, employee statements, cash records, currency-related documents and forensic findings could prove critical in establishing how the suspected counterfeit notes reached the currency chest.
For now, the investigation remains unresolved. A week after the discovery, the key questions remain: Where did the ₹17.29 crore in suspected counterfeit currency come from? At what stage did the notes enter the banking system? And who was responsible for the alleged manipulation?
The answers will depend on investigators being able to connect the physical currency with the documented cash trail, employee movements and other evidence collected from the currency chest.
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About the author — Ananya Aradhya writes on cybercrime, fraud, scams, cybersecurity, digital safety, and emerging threats. Her work also covers major criminal cases, financial frauds, consumer scams, and stories that highlight risks affecting people in the real and digital world.
