The National Investigation Agency (NIA) has arrested two alleged main conspirators accused of printing and supplying counterfeit Indian currency notes that investigators believe were channelled through multiple accused into the Punjab National Bank’s (PNB) currency chest in Saharanpur, bringing the total number of arrests in the case to seven, officials said on Thursday.
The NIA is investigating whether counterfeit notes entered the formal banking network before their detection and whether any suspected fake currency was subsequently sent to bank branches or ATMs. The initial inquiry also brought three bank employees under scrutiny, following which the bank suspended them. Choudhary’s alleged role in handling and moving cash became an important line of inquiry as investigators sought to establish how the counterfeit notes reached the bank facility. With Ajay Kumar and Harish Rounta now in custody, the NIA is seeking to unravel the alleged chain connecting the printing and supply of counterfeit notes with their placement in the bank’s currency chest.
The fresh arrests mark a significant development in the investigation, which began after counterfeit notes with a face value of ₹ 17.29 crore were detected inside the bank’s currency chest on August 29, officials said, adding that the probe was examining how the notes entered the banking system, the alleged roles of bank personnel and intermediaries, and the wider network involved in their printing and supply. Investigators are also examining the movement of a ₹ 111-crore currency consignment dispatched from Saharanpur to the Reserve Bank of India’s Jaipur office on July 6. The consignment reportedly comprised 1,900 bundles of ₹ 500 notes and 800 bundles of ₹ 200 notes. The precise connection between the July consignment and the ₹ 17.29-crore recovery remains a subject of investigation, officials said. The case came to light on August 29, when Sadar Bazar police station in Saharanpur received information about counterfeit currency worth ₹ 17.29 crore in the PNB currency chest. The agency arrested Amit Kumar, an accused named in the original FIR, on September 7. Adesh Choudhary, a contractual driver attached to the currency chest, was arrested on September 15.
The agency said the investigation was continuing to establish the complete conspiracy and identify and arrest the remaining co-accused and suspects.
