The National Investigation Agency (NIA) has achieved a significant breakthrough in the probe concerning counterfeit currency worth Rs 17.29 crore seized from the Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh. Central investigators have arrested Amit Kumar, a key suspect and bank manager who had been absconding since the criminal conspiracy was exposed. The enforcement agency is conducting extensive interrogations to uncover the full extent of the counterfeit racket and identify all involved personnel.
Arrest of Absconding Bank Manager and NIA Probe
According to investigative officials, accused Amit Kumar served as the manager at the PNB currency chest in Saharanpur. He absconded shortly after criminal charges were filed in August 2026. Recognizing the gravity and cross-border implications of the massive fake currency network, the NIA officially assumed control of the investigation from Uttar Pradesh Police on September 3, 2026. Armed with administrative control, the counter-terrorism and financial intelligence agency intensified its search, leading to Kumar's apprehension. Detectives are now questioning Kumar to ascertain how counterfeit bills breached the highly secure currency chest and whether transnational or regional syndicates facilitated the operation.
The Rs 17.29 Crore Counterfeit Case in Saharanpur PNB
The illicit operations initially came to light on August 26, 2026, when the Sadar Bazar police station in Saharanpur district was alerted to the presence of counterfeit Indian currency notes totaling Rs 17.29 crore inside the PNB currency chest. Uttar Pradesh Police promptly registered a case and initiated a preliminary inquiry. As the investigation progressed, internal security protocols at the facility were scrutinised. Investigators identified alleged roles of three bank employees, prompting immediate administrative suspension of all three officials by the bank authorities.
Discrepancy at Jaipur RBI Chest Uncovers the Racket
The exposure of the multi-crore fraud originated during a routine cash transfer when Rs 11.50 crore in currency was remitted from the Saharanpur PNB chest to the Reserve Bank of India (RBI) currency chest located in Jaipur. During audit counting at the Jaipur RBI vault, officials detected a shortage of approximately Rs 4.30 lakh. The central bank immediately launched an internal inquiry. Examination of security CCTV footage revealed that part-time housekeeper Vishal Kumar had been tampering with cash bundles and stealing money. Consequently, a criminal theft case was registered against Vishal Kumar.
Suspension of Officials and Housekeeper's Involvement
Following the audit discrepancy in Jaipur, a comprehensive inspection of the Saharanpur currency chest uncovered fake Indian currency notes amounting to Rs 17.29 crore stored within the vault. The revelations implicated three senior bank officials: currency chest manager Amit Kumar, Senior Divisional Manager Ravi Kumar Kase, and currency chest manager Sushil Sharma. Bank management placed all three managers under suspension while police registered formal cases regarding counterfeit currency distribution. The NIA continues to track additional co-conspirators to dismantle the entire chain of supply.
