₹7 Crore Fake Currency Found in PNB Currency Chest in Saharanpur, Uttar Pradesh; Three Managers Suspended

A major counterfeit currency scandal has come to light in Saharanpur, where fake Indian currency notes worth more than ₹7 crore were reportedly found inside the currency chest of Punjab National Bank (PNB).

The discovery has triggered serious questions over the security and verification mechanisms at the bank’s currency chest. Following the incident, three PNB managers have been suspended and the investigation has been handed over to a Special Investigation Team (SIT).

According to the report, the counterfeit notes were detected during scrutiny of the cash kept at the currency chest. The value of the suspected fake currency is reported to be around ₹7.40 crore, making the incident significant in terms of both the scale of the suspected counterfeit operation and the possible security lapses involved.

The suspension of three managers indicates that the bank authorities are examining whether there were procedural failures or negligence in the handling, verification and storage of the currency.

The matter has now come under the scrutiny of the SIT, which is expected to examine how such a large quantity of suspected counterfeit currency reached the currency chest and whether the notes entered the banking system through a coordinated network.

Investigators are also likely to examine the records of cash deposits and withdrawals, currency verification procedures, CCTV footage and the movement of cash handled at the currency chest. The role, if any, of bank officials or other individuals will be determined during the course of the investigation.

Currency chests are critical components of India’s banking and cash-distribution system, where large volumes of currency are stored and supplied to banks and other branches. The reported discovery of counterfeit notes on such a scale therefore raises concerns about the effectiveness of existing safeguards.

The investigation will now focus on determining the source of the counterfeit notes, the period over which they may have entered the currency chest and whether the suspected fake currency was detected during routine verification or through a specific audit or checking exercise.

With three managers already suspended, the case is likely to attract further attention as investigators establish accountability and trace the origin of the counterfeit currency.

The SIT probe is expected to provide greater clarity on whether the incident was the result of an internal lapse, inadequate verification or a larger counterfeit currency network operating through the banking system.