PNB ₹17.29 Crore Fake Currency Case: NIA Raids Manager’s PA’s House in Saharanpur

The National Investigation Agency (NIA) has widened its probe into the recovery of ₹17.29 crore worth of counterfeit currency from a Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh, following the arrest of suspended bank manager Amit Kumar.

A day after arresting Kumar from Chandigarh, an NIA team raided the residence of his personal assistant, Aadesh Kumar, in the New Nandpuri area of Saharanpur on Wednesday. Investigators examined documents and other records at the premises and reportedly took some documents into their possession for further scrutiny.

NIA Probes Manager’s Network

The raid is being viewed as an important development in the investigation as the agency expands its focus beyond the currency chest itself. Investigators are examining the people associated with Amit Kumar, their contacts, financial dealings, documents and properties to establish how the counterfeit notes reached the banking system.

According to reports, Aadesh Kumar owns or is associated with multiple properties in the New Nandpuri area. The NIA team also spoke to local residents to gather information about these properties and determine how they were being used.

The documents seized during the search are expected to be examined for possible links with the counterfeit currency network.

Manager Amit Kumar Arrested From Chandigarh

The NIA arrested Amit Kumar, who had been managing the Jagadhri currency chest, from Chandigarh on September 7. He is a key accused named in the FIR registered in connection with the case. A special NIA court in Chandigarh subsequently granted the agency two days’ transit remand for his production before the NIA court in Lucknow.

Kumar was among three PNB officials whose alleged involvement emerged during the initial investigation. The bank subsequently suspended the three officials.

The NIA took over and re-registered the case on September 3 as it began investigating the wider conspiracy behind the counterfeit currency operation.

How Did ₹17.29 Crore in Fake Notes Reach the Currency Chest?

The central question before investigators is how such a huge quantity of counterfeit currency entered a PNB currency chest in the first place.

The case came to light on August 29 after counterfeit notes were detected in the Saharanpur currency chest. During a subsequent audit, investigators found 148 bundles containing ₹500 notes that were allegedly counterfeit. The initially identified amount was around ₹7.40 crore, but the value of the suspected fake currency subsequently rose to ₹17.29 crore as the audit progressed.

Investigators have also examined currency consignments sent from the Saharanpur chest to the Reserve Bank of India’s Jaipur office and are attempting to reconstruct the movement of cash through the banking network.

Possible Wider Counterfeit Currency Network

The NIA is now investigating whether the recovered notes were part of a larger counterfeit currency network and whether any fake notes had already moved through legitimate banking channels.

The agency is examining the source of the counterfeit currency, its movement, the role of bank employees and the possible involvement of people outside the banking system. A possible Nepal connection has also emerged as a line of investigation, although no definitive cross-border link has been established so far.

The raid at Aadesh Kumar’s residence could therefore provide investigators with additional documentary evidence about the network surrounding the suspended manager.

The NIA has indicated that its investigation is continuing, with efforts underway to identify and arrest other people allegedly involved in the counterfeit currency conspiracy.