The National Investigation Agency (NIA) is probing how counterfeit currency worth Rs 17.29 crore ended up inside a Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh. The arrest of a bank manager has brought fresh focus on whether the fake notes were part of a wider network that exploited the formal banking system.
NIA arrests PNB manager
The NIA arrested Amit Kumar, manager of the Jagadhri currency chest, on Monday in connection with the case. He is among three PNB officials whose alleged involvement came under scrutiny after counterfeit notes were detected at the bank's currency chest in the Sofia Market area of Saharanpur.
The case has raised questions because the suspected fake currency was found inside a facility meant for handling cash within the banking system, rather than being seized from a courier or a person carrying it across a border.
The NIA said its investigation is aimed at uncovering the “complete conspiracy” and identifying other people who may have been involved.
Three bank officials under investigation
Besides Amit Kumar, investigators have named senior divisional manager Ravi Kumar Kanse and Sofia Market currency chest manager Sushil Kumar. PNB suspended all three officials after their alleged involvement emerged during the initial inquiry.
Police had also issued lookout notices for them amid concerns that they could flee to Nepal. Searches of their homes by the SIT and Crime Branch led to the seizure of electronic devices and documents. Investigators are examining these materials for information about their contacts, movements and possible associates.
Probe tracks movement of Rs 111 crore
The investigation is also focused on a large cash consignment sent from Saharanpur to the Reserve Bank of India's Jaipur office on July 6.
The consignment, worth Rs 111 crore, reportedly contained 1,900 bundles of Rs 500 notes and 800 bundles of Rs 200 notes. Investigators are examining how the cash was packed and dispatched, as well as the role of a part-time housekeeper who was reportedly entrusted with the consignment.
They are also trying to determine at what point the suspected counterfeit notes entered the currency chain.
Could fake notes have entered circulation?
Another concern is whether counterfeit notes were distributed from the currency chest to bank branches or ATMs before they were detected.
Investigators have not yet established how much of the suspected fake currency, if any, may have moved outside the chest and entered circulation.
Nepal angle being examined
Police are separately examining whether the three accused had contacts with people or groups operating near or across the Nepal border. The possibility of a Nepal link remains under investigation, but no definitive connection has been established so far.
Saharanpur SSP Abhinandan had earlier confirmed that searches yielded important evidence and that lookout notices had been issued against the three accused.