New Delhi, Sept. 9 -- The National Investigation Agency (NIA) has arrested a Punjab National Bank (PNB) official in connection with the recovery of suspected counterfeit Indian currency worth Rs.17.29 crore from a bank currency chest in Saharanpur, Uttar Pradesh. The arrest has widened the investigation into how such a large quantity of suspected fake notes reached a facility within the formal banking system and whether the case is connected to a larger counterfeit-currency network.
The arrested official has been identified as Amit Kumar, manager of the Jagadhri currency chest. He was arrested on Monday and is considered a key named accused in the case. His arrest came after three PNB officials were placed under scrutiny following the discovery of the suspected counterfeit notes at the bank's currency chest in the Sofia Market area of Saharanpur.
The recovery has raised particular concern because the suspected fake currency was found inside a banking currency chest rather than being seized from an individual, courier, hideout or border crossing. Investigators are therefore examining how the notes allegedly entered the banking system and whether any of the suspected counterfeit currency could have subsequently moved through legitimate banking channels.
The NIA has said the case involves a conspiracy relating to counterfeit currency at the PNB currency chest. The agency is now working to establish the complete conspiracy, identify the roles of those involved and trace other people who may have been connected to the alleged operation.
Three PNB officials under investigation
Three PNB officials have emerged as key figures in the investigation. They are senior divisional manager Ravi Kumar Kanse, Sofia Market currency chest manager Sushil Kumar and Jagadhri currency chest manager Amit Kumar.
All three officials were suspended by the bank after their alleged involvement came to light during the initial inquiry.
Authorities had also issued lookout notices against the three officials amid concerns that they could potentially leave the country and travel towards Nepal. Investigators subsequently searched their residences as part of the probe.
The Special Investigation Team (SIT) and Crime Branch recovered electronic devices and documents during the searches. These materials are now being examined to establish the officials' contacts, movements and possible links with other individuals connected to the case.
NIA takes over investigation
The NIA took over the investigation and re-registered the case on September 3. Before the central agency took over, an FIR had been registered at the Sadar Bazar police station on August 29 under Section 178 of the Bharatiya Nyaya Sanhita.
Investigators are now attempting to reconstruct the movement of the currency before the suspected fake notes were detected. A major focus of the probe is to determine where the suspected counterfeit notes entered the currency-handling chain and who may have been responsible for moving them.
Rs.111 crore consignment sent to Jaipur
According to details emerging from the investigation, a total of Rs.111 crore in currency was sent from Saharanpur to the Reserve Bank of India's Jaipur office on July 6 through the currency-handling network.
The consignment reportedly consisted of 1,900 bundles of Rs.500 notes and 800 bundles of Rs.200 notes.
Investigators are examining the manner in which the cash was packed and dispatched. The consignment was reportedly entrusted to a part-time housekeeper, and authorities are trying to determine at what point in the process the suspected counterfeit notes entered the currency chain.
Another important aspect of the investigation is whether suspected fake notes had already moved out of the currency chest before the irregularity was detected. Investigators are looking into the possibility that counterfeit notes could have been distributed from the currency chest to bank branches and ATMs.
However, the investigation has not yet established how much, if any, of the suspected counterfeit currency actually entered circulation outside the currency chest.
Possible Nepal connection being examined
The investigation has also taken on a possible cross-border dimension, with authorities examining whether the accused officials had links with individuals or groups operating near or across the Nepal border.
The contacts and movements of the three PNB officials are being examined as part of this inquiry. The lookout notices were issued amid concerns that they might leave the country, including the possibility of travelling towards Nepal.
However, investigators have not established a definitive Nepal connection at this stage. The possible link remains a line of investigation, and authorities are continuing to examine evidence to determine whether there was any connection between the suspected counterfeit-currency operation and people or networks across the border.
Evidence gathered during searches
Saharanpur SSP Abhinandan had earlier confirmed that important evidence was recovered during searches linked to the investigation. Electronic devices and documents seized from the premises of the three PNB officials are being examined for information about their communications, contacts and movements.
The NIA's latest arrest is expected to help investigators establish how the suspected Rs.17.29 crore counterfeit currency reached the PNB currency chest, whether any of the notes were moved through the banking network, and whether other people were involved.
The agency is continuing its investigation to uncover the complete alleged conspiracy and identify and arrest other accused persons.
Published by HT Digital Content Services with permission from Millennium Post.