India, Sept. 2 -- The Uttar Pradesh Police has constituted a special investigation team (SIT) to probe into the alleged circulation and storage of counterfeit currency worth around Rs.17 crore at a Punjab National Bank's (PNB) currency chest in Saharanpur, with the police widening the investigation to neighbouring districts, as well as Haryana and Uttarakhand, officials aware of the matter said on Tuesday.

The development comes after PNB suspended three bank officials whose roles came under suspicion during the bank's preliminary inquiry into the discovery of the fake currency. A departmental inquiry has also been initiated by the bank, while an investigation by the Reserve Bank of India (RBI) is underway.

The three officials were also ...