Cash shortage in UP bank leads to discovery of Rs 7.40 crore fake currency

According to a senior PNB official, the discrepancy in the bank's Saharanpur branch first came to light when currency sent to the RBI around August 10-11 was reconciled and a shortage of Rs 4.36 lakh was detected.The fake currency notes were found at a PNB branch in UP's Saharanpur.A routine check of cash sent from a Punjab National Bank (PNB) currency chest in Uttar Pradesh's Saharanpur to the Reserve Bank of India found a shortage of Rs 4.36 lakh. A subsequent audit uncovered fake currency worth around Rs 7.40 crore.According to PNB Chief Manager Nisha Singh, the discrepancy first came to light when currency sent to the RBI around August 10-11 was reconciled and a shortage of Rs 4.36 lakh was detected.An enquiry was subsequently initiated at the PNB circle office in Saharanpur. During the probe, investigators found what the bank estimates to be Rs 7.40 crore worth of fake notes in the currency chest."The investigation is not yet complete," Singh said, adding that the details of how the fake currency reached the chest would be clear only after the enquiry report is submitted. The development was reported to police by a senior PNB official after the audit team detected the counterfeit notes during the routine checking process.Saharanpur SSP Abhinandan said the police had received a complaint from a senior bank official regarding the discovery. "The audit team found fake notes worth Rs 7.40 crore while matching the cash," the SSP said.The probe will focus on the movement of cash into the currency chest, records maintained by the bank, and the people responsible for counting, packing and reconciling the notes.Meanwhile, PNB management has suspended four people in connection with the matter, while stressing that their individual roles have not yet been established.The individuals are Ravi Kumar, senior manager at the divisional office and nodal officer; Sushil Sharma, currency chest manager; and Amit Kumar, currency chest manager at Khera Bazaar in Jagadhri, Haryana. The fourth person has not been identified.Separately, a report has been filed against housekeeper Vishal Kumar in connection with the Rs 4.36 lakh cash shortage.The two matters are being investigated separately, police said.The bank has maintained that the suspected counterfeit currency was not put into circulation and was not distributed to any of its branches.The investigation will now examine the entire cash trail, including currency received from different branches, records of deposits and withdrawals, the counting and packing process, reconciliation documents and CCTV footage.- EndsPublished By: Karishma Saurabh KalitaPublished On: Sep 1, 2026 08:44 IST