Saharanpur. The investigation into the recovery of counterfeit Indian currency worth ₹17.29 crore from a Punjab National Bank currency chest in Sofia Market, Saharanpur, is widening rapidly. The National Investigation Agency has arrested Amit Kumar, the bank manager considered the main accused in the case, late Tuesday night. Investigators are now trying to determine how such a large quantity of counterfeit notes reached the currency chest, when and how they were allegedly placed in place of genuine currency, and who else may have been involved in the suspected network inside and outside the bank.
An FIR was registered at Sadar Bazar police station in Saharanpur on August 29 after the case came to light. During the initial investigation, the alleged involvement of three bank employees emerged, following which all three were suspended. Given the unusually large quantity of counterfeit currency and the possibility of an organised or anti-national conspiracy, the investigation was subsequently taken over by the National Investigation Agency.
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The agency registered a case at its capital-based unit on September 3 and began a detailed investigation. One of the key aspects being examined is the possible purpose behind placing counterfeit notes inside the currency chest. Investigators suspect that the notes could potentially have been circulated as genuine currency through customers, markets or ATMs if they had been released into the financial system. The movement of cash out of the currency chest and the records associated with such transactions have therefore become important parts of the investigation.
The role of arrested accused Amit Kumar is now at the centre of the probe. He had been posted at the Sofia Market currency chest in Saharanpur for around three and a half years. About three months ago, he was transferred to the Jagadhri-Yamunanagar currency chest in Haryana as a manager. The discovery of counterfeit currency worth ₹17.29 crore came approximately three months after his transfer. Investigators are examining cash movements, currency chest records and the roles of employees during his tenure.
The recovered counterfeit notes are reportedly all of the ₹500 denomination, with their number estimated at more than 3.40 lakh. The huge quantity has raised questions over whether the counterfeit notes were introduced into the currency chest in a single consignment or whether genuine notes were allegedly replaced with fake ones gradually over several months. Investigators are examining cash reconciliation records, bundles, packaging procedures and transaction details to establish the sequence of events.
The agency is also questioning Amit Kumar to identify the source of the counterfeit currency. During preliminary questioning, he allegedly avoided clearly disclosing who supplied the fake notes or which network was behind them. Investigators are preparing to seek his remand for detailed questioning. They are also examining whether an external individual or organised group allegedly gained access to the currency chest with the assistance of bank employees.
Another important aspect of the investigation is a ₹111 crore cash consignment sent from Saharanpur to the Reserve Bank of India’s Jaipur office on July 6. The consignment reportedly included 1,900 bundles of ₹500 notes and 800 bundles of ₹200 notes. Investigators are examining the entire process, including counting, packing, storage and transportation of the cash. The agency is trying to determine whether the consignment has any connection with the counterfeit currency case.
National Investigation Agency Superintendent of Police Vaibhav Saxena visited Saharanpur and met senior police officials. Following the visit, the agency also began examining records of earlier counterfeit currency cases reported in the district. Files related to an inter-state gang previously caught by the Sadar Bazar and Qutub Sher police are also being reviewed. In those cases, counterfeit notes worth around ₹2.59 lakh and equipment allegedly used for printing fake currency had been recovered.
The renewed examination of older cases is aimed at determining whether there is any link between the current currency chest case and previously identified counterfeit currency networks. Investigators are also examining the possibility of a cross-border or foreign connection behind the alleged supply of counterfeit notes. The agency is trying to establish the source of the fake currency and the network through which it may have reached the currency chest.
Investigators are now scrutinising the employees posted at the currency chest, cash-handling procedures and banking records. The dates and quantities of cash received and dispatched are being matched with the employees involved in verification and packing. Further arrests are possible once the roles of other suspects and members of the suspected network are established.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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