NIA arrests PNB manager Amit Kumar in the ₹17.29 crore fake currency case. Probe examines the source, movement and possible Nepal link.
A major counterfeit currency investigation has intensified after the National Investigation Agency (NIA) arrested a Punjab National Bank (PNB) manager. The agency is investigating how fake notes worth ₹17.29 crore entered a PNB currency chest in Saharanpur.
The arrested bank employee has been identified as Amit Kumar. He was serving as manager of the Jagadhri currency chest and was a joint custodian at the relevant time.
The case came to light on August 29, when counterfeit Indian currency was detected inside the PNB currency chest in Saharanpur. The initial investigation later expanded after the value of the suspected fake currency reached ₹17.29 crore.
How did the fake notes enter the currency chest?
The central question now is how such a large volume of counterfeit currency reached a secure banking facility.
Investigators are examining the source, procurement and movement of the fake notes. They are also looking at the alleged roles of people connected with the bank and the wider network.
The investigation began after an irregularity was noticed in currency sent from a PNB branch in Saharanpur to the RBI currency chest in Jaipur. A subsequent audit uncovered counterfeit notes stored inside the banking system.
Reports said auditors initially found 148 bundles containing ₹500 notes. The value of counterfeit currency detected during the wider audit later rose to around ₹17.29 crore.
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What is Amit Kumar’s alleged role?
Amit Kumar was among three PNB employees whose roles came under scrutiny. The bank suspended the three officials after the preliminary investigation.
The other officials identified in the case include senior divisional manager Ravi Kumar Kanse and Sofia Market currency chest manager Sushil Kumar. Their alleged roles remain under investigation.
Kumar had reportedly been absconding after the case surfaced. The NIA arrested him in Chandigarh and produced him before a Special NIA Court.
The court granted transit remand to facilitate his transfer to Lucknow. The NIA is expected to question him about the alleged conspiracy and movement of the counterfeit currency.
NIA probes possible Nepal connection
Investigators are also examining whether the suspected network has links beyond India.
Police had earlier issued lookout notices amid concerns that accused persons could flee to Nepal. However, a Nepal connection has not been established at this stage.
The NIA is continuing its investigation to trace the source and circulation route of the counterfeit currency. The agency is also working to identify other people allegedly involved in the conspiracy.
Why the case raises serious questions
The recovery is significant because the suspected counterfeit notes were found inside a bank currency chest. Such facilities handle large volumes of cash and are subject to internal controls and audits.
The discovery has therefore raised questions about possible manipulation of banking procedures. Investigators are examining records, electronic evidence and transactions to determine how the alleged operation worked.
The case was initially registered by Saharanpur police on August 29. The NIA later took over the investigation and re-registered the case on September 3.
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The NIA has said its investigation is continuing. The agency is seeking to establish the complete conspiracy and trace the remaining accused.
₹17.29 crore fake notes were found during the investigation, but the precise route by which counterfeit currency entered banking system remains key unanswered question.
The investigation is expected to focus on the currency chest’s custodial procedures, the accused employees and the suspected supply network.
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