LUCKNOW: The National Investigation Agency (NIA) has arrested two alleged key conspirators in a counterfeit currency racket involving fake Indian currency notes with a face value of Rs 17.29 crore recovered from the Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh.The agency arrested Ajay Kumar, son of Ramesh Chand, from Ambala in Haryana on October 16, and Harish Rounta, son of Devi Chand Rounta, from Manali in Himachal Pradesh on October 22.According to the NIA, the two are allegedly among the principal conspirators involved in the illegal printing and supply of large quantities of counterfeit Indian currency notes.The fake notes were allegedly routed through several other accused before reaching the PNB currency chest at its Civil Lines branch in Saharanpur.The agency said the two arrested men were close associates of Adesh Choudhary and other accused persons arrested earlier in connection with the alleged conspiracy to introduce counterfeit currency into the banking system.
Rs 17.29crore in counterfeit notes recovered
The case came to light on August 29, 2026, when the Sadar Bazar police station in Saharanpur received credible information about the recovery of counterfeit Indian currency notes with a face value of Rs 17.29 crore from the PNB currency chest.During the initial inquiry, the involvement of three bank employees also surfaced. The bank subsequently suspended the employees, according to the NIA’s statement.The case was initially registered as FIR No. 0431/2026 on August 29 at the Sadar Bazar police station under Section 178 of the Bharatiya Nyaya Sanhita (BNS), 2023, against three accused persons.The NIA subsequently re-registered the case on September 3, 2026, as RC-02/2026/NIA/LKW and took over the investigation to probe the wider conspiracy behind the circulation and placement of the counterfeit currency.
Five accused arrested earlier
Before the latest arrests, the NIA had arrested five other accused in connection with the case.The agency arrested Amit Kumar on September 7, followed by Adesh Choudhary on September 15, Mukesh Kumar on September 20, and Rajender and Nitu on September 22.The investigation has since focused on establishing the alleged roles of the accused, tracing the supply chain through which the counterfeit notes reached the bank’s currency chest and identifying other individuals involved in the operation.
Probe continues to trace wider conspiracy
The NIA said its investigation was continuing to unravel the complete conspiracy and identify the remaining co-accused and suspects.Investigators are examining how the counterfeit notes were allegedly printed, supplied and transported through different individuals before reaching the PNB currency chest in Saharanpur.
