Discovery of counterfeit currency
A routine cash check at a Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh, has led to the discovery of counterfeit notes with an estimated face value of ₹7.40 crore, according to police and bank officials. The finding emerged after a cash shortage was detected during reconciliation of funds sent to the Reserve Bank of India (RBI).
Saharanpur Senior Superintendent of Police Abhinandan Singh said a senior bank official informed police that the bank's audit team had detected around ₹7.40 crore worth of "low-quality and suspicious currency" during verification of cash at the chest. "The counting and reconciliation process is still underway by the bank's audit team. The exact amount involved will become clear after the bank provides the final figures," the SSP said.
PNB Chief Manager Nisha Singh told PTI that the discrepancy first came to light when currency sent to the RBI around August 10-11 was reconciled and a shortage of Rs 4.36 lakh was detected. An enquiry was subsequently initiated at the PNB circle office in Saharanpur, during which investigators found what the bank estimates to be Rs 7.40 crore worth of fake notes in the currency chest.
"The investigation is not yet complete," Singh said, adding that the details of how the fake currency reached the chest would be clear only after the enquiry report is submitted.
Officials booked and suspended
Police have registered an FIR at the Sadar police station on a complaint filed by PNB nodal officer Arun Kumar Chaubey. The FIR names senior divisional manager Ravi Kumar and currency chest managers Sushil Sharma and Amit Kumar as primary suspects, according to The Times of India.
PNB senior chief manager Nisha Singh told PTI that the bank has suspended senior divisional manager Ravi Kumar Kase, and currency chest managers Sushil Sharma and Amit Kumar. India Today reported that PNB management has suspended four people in connection with the matter, while stressing that their individual roles have not yet been established. The fourth person has not been identified.
In a parallel development, a separate report was filed against a housekeeper, Vishal Kumar, over what officials described as a "distinct cash shortfall" at the bank. According to Hindustan Times, CCTV footage from the currency chest was examined and Vishal Kumar was allegedly seen removing money from bundles of currency notes. He was booked for theft in a separate case.
Investigation and SIT
Saharanpur DIG Abhishek said a Special Investigation Team (SIT) had been constituted to investigate the case and identify everyone involved in the alleged operation. "An SIT has been constituted and an FIR filed against those allegedly involved. Counting is in progress. Following a detailed inquiry, the embezzled currency will be recovered," he said.
Investigators are examining bank transaction records, audit ledgers and CCTV footage, according to The Times of India. The SIT is trying to establish when the genuine currency was allegedly replaced and how long the counterfeit notes remained undetected.
The probe will focus on the movement of cash into the currency chest, records maintained by the bank, and the people responsible for counting, packing and reconciling the notes, India Today reported.
The two matters — the counterfeit currency discovery and the housekeeper's alleged theft — are being investigated separately, police said.