Fake Currency Worth Rs 4.63 Lakh Found in Axis Bank Currency Chest in Meerut, Police Probe 186 Linked Branches A 13-month internal audit at the Axis Bank currency chest in Meerut uncovered counterfeit currency amounting to Rs 4,63,650 across various denominations. Police have launched an investigation into the 186 connected branches and staff handling procedures. The circulation of counterfeit currency within the formal banking framework of western Uttar Pradesh has triggered serious concerns among law enforcement and banking authorities. Following an earlier seizure involving Punjab National Bank in Saharanpur, a substantial volume of fake Indian currency notes has now been detected inside an Axis Bank currency chest located in Mangal Pandey Nagar, Meerut. An internal verification drive confirmed the presence of counterfeit notes with a cumulative face value of Rs 4,63,650. This specific currency repository serves as the central processing hub for approximately 186 Axis Bank branches, where cash collected from daily retail operations is sent for counting, sorting, and final reconciliation. Discrepancies Uncovered During 13-Month Cash Audit The unauthorized notes came to light following a thorough auditing process initiated by the bank. Sartaj Singh, a resident of Hisar, Haryana, and the manager of the Axis Bank currency chest, submitted a formal complaint regarding the incident to Senior Superintendent of Police (SSP) BBGTS Murthy. According to the complaint, banking officials conducted a detailed audit of cash received across branches over a 13-month timeframe, covering transactions between December 1, 2024, and December 31, 2025. During this exhaustive physical re-examination, auditors isolated multiple forged banknotes mixed into genuine currency bundles. Seizure of 1,323 Counterfeit Notes Spanning Multiple Denominations The audit cataloged a total of 1,323 counterfeit notes valued at Rs 4,63,650. The largest portion comprised the Rs 500 denomination, with 805 fake notes identified. In addition, the inspection uncovered 142 notes of Rs 200, 279 notes of Rs 100, and 97 notes of Rs 50 denomination, alongside smaller denominations down to Rs 10. Officials noted that several of the seized bills were visibly worn and aged, while certain notes had been torn into two separate pieces and crudely reattached with adhesive before being passed into the cash flow. Scrutiny on Branch-Level Screening and Staff Oversight Standard operating procedures require bank branches to authenticate cash using specialized note-sorting machines and counterfeit detection sensors right at the teller counter before bundling. Furthermore, secondary verification is mandatory before physical transit to a regional currency chest. The fact that forged currency bypassed these detection filters across multiple points raises critical questions regarding procedural lapses or potential internal complicity. Investigators are currently reviewing transaction logs, deposit slips, and surveillance footage across the 186 linked branches to identify the origin branch and the specific deposits that carried these notes into the system. Investigating Potential Syndicate Links and Institutional Collusion Police investigators are working to establish whether organized counterfeit syndicates active in western Uttar Pradesh have established illicit pipelines directly into banking institutions, rather than merely circulating fake notes in open street markets. The presence of forged bills inside a high-security vault highlights a critical vulnerability, given that ordinary consumers rely on banks to keep circulation clean of deceptive replicas. The investigation is exploring both possibilities: whether bank employees acted in connivance with fraudsters or whether gross operational negligence allowed defective, repaired, and fake currency to slip through undetected. Further questioning and document verification are underway. What this means for you The discovery of counterfeit notes inside a central banking repository directly impacts retail depositors and undermines confidence in physical cash circulation. • Across India: Bank customers must exercise vigilance and check basic security features when withdrawing cash from branches or teller machines. In case a suspicious note is received during a transaction, immediately bring it to the notice of bank officials before leaving the premises. • In Meerut and Western Uttar Pradesh: Verification protocols across the 186 linked branches in the region have been significantly tightened following the incident. Depositors visiting local counters may experience slight delays during physical cash counting and screening. • For Retail Account Holders: Customers depositing cash should ensure they obtain and safely preserve bank-stamped deposit counterfoils. These official transaction receipts serve as indispensable proof in the event of an auditing dispute or retrospective inquiry. • For Merchants and Business Owners: Commercial establishments should inspect taped, heavily worn, or damaged currency notes of Rs 500 and Rs 200 denominations before acceptance. Utilizing basic counterfeit detection equipment at cash counters helps mitigate potential financial losses. Why this happened This situation developed due to systemic screening failures across multiple branches over a 13-month period, combined with delayed reconciliations at the central repository level. • Failure of Branch-Level Detection: Counter staff and screening hardware at retail branches failed to flag counterfeit notes during initial deposits. This allowed unauthorized currency to enter the institutional stream without being challenged. • Circulation of Damaged and Repaired Notes: Many of the 1,323 seized notes were visibly damaged, aged, or crudely repaired with adhesive, yet they were bundled alongside regular currency. Routine compliance guidelines requiring the separation of suspect currency were ignored. • Prolonged Audit Interval: The forged currency accumulated over a 13-month window from December 2024 to December 2025 before being formally identified. The discrepancy only surfaced when the currency chest initiated comprehensive reconciliation audits. • Prior Counterfeit Incidents in the Region: Western Uttar Pradesh recently witnessed a similar incident involving counterfeit currency at a Punjab National Bank branch in Saharanpur. Investigators are examining whether an organized racket operated with internal banking assistance. Questions & Answers 1. What is the total value of fake currency recovered from the Axis Bank currency chest in Meerut? A total of 1,323 counterfeit notes valued at Rs 4,63,650 were detected during the internal verification. 2. How many branches feed into this Axis Bank currency chest? Approximately 186 Axis Bank branches deposit cash into this central facility located in Mangal Pandey Nagar. 3. How many fake notes of Rs 500 denomination were found? Auditors discovered 805 counterfeit notes belonging to the Rs 500 denomination. 4. What transaction period did the cash audit cover? The audit covered cash deposits received over a 13-month period, from December 1, 2024, to December 31, 2025. 5. Who filed the formal complaint with the police regarding this discovery? Sartaj Singh, manager of the Axis Bank currency chest, lodged the official complaint with SSP BBGTS Murthy. https://trendkia.com/en/uttar-pradesh/meerut-men-axis-bank-currency-chest-men-mile-4-63-lakha-rupaye-ke-nakali-nota-police-ne-shuru-ki-jancha-37534 TrendKia — Har trend, sabse pehle.