The National Investigation Agency (NIA) has arrested two men in connection with the recovery of counterfeit Indian currency with a face value of ₹17.29 crore from a Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh. Investigators suspect the accused were part of a network involved in producing and distributing fake banknotes that allegedly entered the formal banking system through intermediaries.
The case has raised questions about how such a large quantity of suspected counterfeit currency reached a secured banking facility. The NIA is investigating the alleged distribution network and possible links involving bank employees.
Case Emerged After Currency Recovery in Saharanpur
According to the supplied report, the case came to light on August 29, 2026, after Saharanpur police received information about counterfeit notes inside a PNB currency chest in the Civil Lines area.
Authorities subsequently registered an initial case against three individuals under Section 178 of the Bharatiya Nyaya Sanhita (BNS), which concerns counterfeiting currency or banknotes.
The NIA later took over the investigation to examine whether the recovery was connected to a wider criminal conspiracy. Investigators are seeking to establish how the suspected counterfeit notes were produced, transported and introduced into the banking system.
The reported face value of ₹17.29 crore represents the value attributed to the recovered currency, not a confirmed estimate of financial losses caused by the alleged network.
Two Suspects Arrested in Haryana and Himachal Pradesh
The NIA's operation led to the arrest of two men at different locations.
Ajay Kumar: Arrested in Ambala, Haryana, on October 16, 2026.
Harish Rounta: Arrested in Manali, Himachal Pradesh, on October 22, 2026.
Investigators allege that the two men were key participants in a network involved in manufacturing and circulating counterfeit banknotes. According to the report, the notes allegedly passed through intermediaries before being deposited into the PNB currency chest.
The agency is continuing to investigate the suspected supply chain, including the methods allegedly used to manufacture the notes and the routes through which they were transported.
The precise roles of the accused and the extent of any wider network remain matters for the ongoing investigation. The allegations have not been established as findings of guilt by a court.
Three PNB Employees Suspended During Investigation
The discovery of suspected counterfeit currency inside a secured bank facility has also drawn attention to internal oversight and currency-handling procedures.
Preliminary inquiries reportedly indicated possible involvement by three PNB employees. The bank subsequently suspended all three staff members while the investigation continued.
The reported suspensions do not, by themselves, establish that the employees participated in the alleged offence. Investigators are examining possible links between bank personnel and the suspected counterfeit currency network.
The NIA's findings may help clarify how the notes reached the currency chest, whether intermediaries knowingly handled counterfeit money and whether any weaknesses in existing verification procedures were exploited.
What Happens Next?
The investigation is expected to focus on tracing the alleged movement of counterfeit currency, identifying additional participants and establishing the circumstances surrounding its recovery.
Financial and banking records, where relevant to the investigation, may help authorities examine transactions and determine how the currency allegedly moved through intermediaries. The findings could also clarify whether the case involved deliberate wrongdoing by individuals or failures in currency-handling controls.
For businesses reviewing suspicious financial transactions or potential irregularities, financial investigation services can support the examination of relevant records and transaction patterns.
Conclusion
The NIA's arrests of Ajay Kumar and Harish Rounta mark a further stage in the investigation into the reported recovery of ₹17.29 crore in counterfeit currency from a PNB currency chest in Saharanpur.
With three bank employees reportedly suspended and the alleged distribution network still under investigation, key questions remain about the source of the notes, the route they followed and any involvement by other individuals. Further official disclosures and legal proceedings will be needed to establish responsibility.