Counterfeit banknotes with a face value of around Rs 7.40 crore have been found at a Punjab National Bank (PNB) currency chest in Uttar Pradesh's Saharanpur, police said on Tuesday.
The discovery was reported at a PNB currency chest under the jurisdiction of Sadar Bazar Police Station. Police have booked four people, including three bank officials and a housekeeper, in connection with the case.
The development has raised questions over the handling and verification of currency at the bank's currency chest, where cash is stored and processed. Authorities are investigating how the counterfeit notes reached the facility and the circumstances surrounding their detection.
Four people booked in Saharanpur
According to police, a case was registered at Sadar Bazar Police Station on Monday following the recovery of the suspected counterfeit currency.
The accused include three PNB officials and a housekeeper. Further details about the specific allegations against each person were not immediately available in the information provided.
The investigation is expected to establish the source of the fake notes and determine whether they entered the currency chest through a deliberate act or due to lapses in the bank's currency-handling procedures.
PNB suspends three officials
PNB senior chief manager (circle) Nisha Singh said the bank has suspended three officials following the incident.
Those suspended are senior divisional manager Ravi Kumar Kase and currency chest managers Sushil Sharma and Amit Kumar.
The suspensions come as the police investigation continues into the circumstances under which counterfeit currency was found at the bank facility.
Investigation underway
The discovery of counterfeit notes at a currency chest is significant because such facilities handle and process large volumes of cash. Investigators are likely to examine the records and procedures associated with the currency received, counted and stored at the facility.
Authorities may also examine CCTV footage, transaction records and other relevant material as part of the investigation.
The exact number of counterfeit notes recovered and their denominations were not specified in the information available.
Face value put at Rs 7.40 crore
Police have put the face value of the counterfeit currency at approximately Rs 7.40 crore. Face value refers to the total denomination value printed on the notes and does not indicate that the fake currency had genuine monetary value.
The recovery is now being examined as part of the criminal investigation, with officials seeking to establish the origin and movement of the suspected counterfeit notes.
Bank action follows police case
The suspension of the three PNB officials indicates that the bank has initiated action alongside the police investigation. However, suspension or being named in a police case does not by itself establish guilt.
The investigation will determine the individual roles, if any, of those booked in the case.
Further details are expected as police examine the recovered currency and gather evidence related to the Saharanpur currency chest.
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