A major currency-related irregularity has come to light at the Punjab National Bank (PNB) currency chest in Saharanpur’s Sofia Market area, where fake currency notes worth around ₹17 crore were reportedly found. As the investigation progresses, authorities are beginning to uncover how the alleged currency fraud may have been carried out.
The preliminary investigation suggests that photocopies or printed replicas of newly issued currency notes sent by the Reserve Bank of India (RBI) may have been used to produce counterfeit notes. The fake notes were allegedly mixed with genuine currency inside the currency chest, raising serious questions about internal controls and security within the banking system.
16 PNB Officials Investigating Saharanpur Currency Chest
To determine how the alleged fraud took place, a team of 16 officials from PNB’s New Delhi headquarters is currently investigating the case in Saharanpur.
The investigation is primarily focused on identifying:
- How the counterfeit notes were prepared.
- How the fake currency was brought into the currency chest.
- How genuine notes were allegedly removed.
- Who was involved in the suspected operation.
- How long the alleged irregularities had been taking place.
Investigators are also examining the procedures followed while receiving and storing new currency from the RBI.
How Were the Fake Notes Allegedly Introduced?
According to sources cited in the preliminary investigation, the alleged method involved creating photocopies or printed versions of newly issued genuine currency notes received from the RBI.
These counterfeit notes were then allegedly placed alongside genuine currency in the PNB currency chest. Investigators are now trying to establish when the original notes were removed and how counterfeit notes were substituted in their place.
If confirmed, the suspected method would indicate a serious breach of the controls governing the handling of currency at the chest.
Role of Bank Employees Under Investigation
The investigation is also examining the possible involvement of bank employees and officials.
Authorities are trying to determine whether the suspected irregularities could have been carried out without assistance from people familiar with the currency chest’s operations. The probe will also establish whether the alleged activity was limited to a few individuals or involved a larger network.
Investigators are examining the roles of several employees and officials whose involvement has come under suspicion.
Four Staff Members Suspended
According to PNB officials, four staff members associated with the currency chest have been suspended with immediate effect.
The suspended personnel include:
- Two internal staff members.
- Two external staff members.
The bank is also investigating the roles of several other individuals after their involvement was reportedly found to be suspicious.
More Accused Could Be Identified
The investigation is still underway, and the number of people facing action could increase once the probe is completed.
Investigators are expected to examine records related to the movement of currency, the receipt of new notes, storage procedures and transactions involving the currency chest. The findings could help establish how the alleged ₹17 crore counterfeit currency operation was carried out and identify everyone involved.
The Saharanpur PNB currency chest case has also raised broader concerns about currency security, internal banking controls and the monitoring of high-value cash operations. Further details are expected to emerge as the PNB headquarters team completes its investigation.
