A major currency-related controversy has emerged from Uttar Pradesh’s Saharanpur, where currency notes worth an estimated ₹7.4 crore in a Punjab National Bank (PNB) currency vault were allegedly replaced with counterfeit notes. The matter came to light after a cash remittance sent to the Reserve Bank of India (RBI) was reportedly found to be short by ₹4.36 lakh, prompting authorities to take a closer look at the currency chest.
RBI Orders Detailed Audit
According to reports, the alleged incident took place at a PNB branch in Saharanpur. Following the discrepancy in the cash remittance, the RBI ordered a detailed audit of the currency chest to determine the extent of the alleged irregularities. The audit is expected to examine the cash records, currency stored in the vault and transactions involving the movement of notes. Investigators will also seek to establish when and how the alleged replacement of genuine currency with counterfeit notes took place.
Police Register Case
Police have registered a case against several bank officials and private individuals in connection with the allegations. The FIR reportedly names senior divisional manager Ravi Kumar and currency chest managers Sushil Sharma and Amit Kumar among the primary suspects. The case is now being investigated to establish individual roles and determine whether the alleged substitution was part of a larger coordinated operation.
SIT Formed to Investigate
A Special Investigation Team (SIT) has also been formed to investigate the matter. The team is expected to examine bank documents, cash records, CCTV footage and other available evidence as part of the probe. Authorities will also work to establish the exact amount of counterfeit currency involved and identify those responsible.
Investigation Underway
The alleged replacement of currency at a bank’s currency vault has raised serious questions about cash-handling procedures and internal safeguards. However, the allegations remain subject to investigation, and the final responsibility of those named in the FIR will depend on the evidence gathered by investigators and the outcome of the legal process.
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Shamshad Ali is a New Delhi–based journalist with over six years of experience spanning breaking news writing, on-the-ground reporting, and editing. When he isn’t chasing headlines, Shamshad is usually exploring new destinations, discovering hidden culinary gems, and striking up conversations with strangers. Many of whom turn out to be great sources, and even better friends. He can be reached at shamshadali.dar@gmail.com.
