A ₹4.36-lakh shortage exposed an alleged much larger operation in which genuine cash worth around ₹7.4 crore was reportedly substituted with fake notes.
BY PC Bureau
September 1, 2026: In a major suspected banking fraud, genuine currency notes worth around ₹7.4 crore were allegedly replaced with counterfeit notes at a Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh, prompting an FIR against bank officials and private individuals and the formation of a Special Investigation Team (SIT).
The complaint was filed at Sadar police station by PNB nodal officer Arun Kumar Chaubey. The FIR names senior divisional manager Ravi Kumar and currency chest managers Sushil Sharma and Amit Kumar among the primary suspects.
A separate complaint has been registered against housekeeper Vishal Kumar over an unrelated cash shortage detected at the same branch.
PNB chief deputy manager Nisha Singh said the fraud came to light after a cash consignment sent to the Reserve Bank of India (RBI) on August 10 was found to be short by ₹4.36 lakh. The RBI subsequently ordered a detailed audit, during which investigators allegedly discovered that genuine notes had been systematically replaced with counterfeit currency.
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“An inquiry is under way. Once we gather complete details and evidence against all those involved, the findings will be made public,” Singh said. She added that the exact amount of counterfeit currency was still being determined as the counting process continued.
PNB करेंसी चेस्ट में 7.40 करोड़ की नकली करेंसी का खुलासा, जांच के लिए SIT गठित!
सहारनपुर: सोफिया मार्केट स्थित पंजाब नेशनल बैंक की शाखा के करेंसी चेस्ट में ऑडिट के दौरान करीब 7.40 करोड़ रुपये की लो-क्वालिटी फेक करेंसी मिलने से हड़कंप मच गया है. मामले की सूचना पर DIG, डीएम और… pic.twitter.com/Ru70sgdTMl
— News Leader (@NewsLeaderLive) August 31, 2026
Saharanpur DIG Abhishek confirmed the registration of the FIR and formation of the SIT. “Counting is ongoing. After a thorough investigation, the misappropriated funds will be recovered,” he said.
Investigators are examining transaction records, currency-chest registers, audit documents and CCTV footage to determine when and how the genuine currency was removed, how counterfeit notes entered the vault and who was involved.
The case has also brought scrutiny on the security and control mechanisms governing currency chests, where banks receive, store and distribute cash under stringent accounting, dual-control and verification procedures. Investigators are expected to examine whether mandatory reconciliation, segregation of duties, access controls and periodic inspections were followed.
The probe will determine whether the alleged substitution resulted from a breakdown of established safeguards or was carried out through a coordinated effort involving insiders and outsiders.
