NIA arrests third accused in Saharanpur PNB fake currency racket
Synopsis
A third suspect has been arrested by the NIA in a ₹7.29 crore fake currency racket that allegedly used the Punjab National Bank's official currency chest in Saharanpur as a conduit — implicating bank employees and external associates in what investigators say is a larger organised conspiracy to flood the system with counterfeit high-value notes.
Key Takeaways
The NIA arrested Nitu , son of Sarafraj, from District Haridwar, Uttarakhand , as the third accused in the Saharanpur fake currency case on 22 September 2026 .
Counterfeit Indian currency notes worth ₹7.29 crore were recovered from the PNB Currency Chest, Saharanpur on 29 August 2026 .
Three bank employees were suspended after their involvement came to light.
Earlier arrests include Amit Kumar (7 September) and key accused Adesh Choudhary (15 September 2026).
The NIA re-registered the case as RC-2/2026/NIA/LKW on 3 September 2026 and says the investigation is ongoing.
The National Investigation Agency (NIA) on Tuesday, 22 September 2026, arrested a third accused in the conspiracy to circulate counterfeit Indian currency notes through the Punjab National Bank (PNB) Currency Chest in Saharanpur, Uttar Pradesh. The latest arrest tightens the investigative net around what authorities describe as an organised racket involving both insiders and external associates.
Who Was Arrested
The newly arrested accused is Nitu, son of Sarafraj, a resident of village Kunja Bahadurpur, Iqbalpur, under PS-Bhagwanpur in District Haridwar, Uttarakhand. According to the NIA, Nitu is a close associate of previously arrested key accused Adesh Choudhary and other named suspects in the fake currency circulation plot.
How the Case Unfolded
The case came to light on 29 August 2026, when Police Station Sadar Bazar, Saharanpur, received credible information leading to the recovery of counterfeit Indian currency notes worth ₹7.29 crore from the PNB currency chest. Three bank employees were also implicated, and the bank subsequently suspended all three. An FIR (No. 0431/2026) was registered under Section 178 of the Bharatiya Nyaya Sanhita (BNS), 2023.
The NIA took over the investigation on 3 September 2026, re-registering the case as RC-2/2026/NIA/LKW at its Lucknow branch. The federal agency's involvement signals the suspected scale and inter-state dimensions of the conspiracy, which appears to have used an official banking channel — the currency chest — as a conduit for injecting fake high-denomination notes into circulation.
Earlier Arrests in the Case
The NIA had previously arrested two accused persons: Amit Kumar on 7 September 2026, and Adesh Choudhary on 15 September 2026. Choudhary, a contractual driver attached to the PNB currency chest and a resident of Gangoh Road, New Nandpuri Colony under Qutub Sher Police Station, Manak Mau, Saharanpur, is considered a key figure in the racket and is suspected of playing an important role in the movement of counterfeit high-value notes. This comes amid heightened scrutiny of banking infrastructure vulnerabilities after a string of currency-related fraud cases across northern India.
Investigation Status and What Comes Next
The NIA has stated that the investigation is ongoing, with further arrests of remaining co-accused and suspects expected. The agency is working to uncover the full scope of the conspiracy, including identifying any other bank insiders or external networks involved in producing and distributing the fake currency. Notably, the use of an official currency chest — a Reserve Bank of India-regulated facility — as an alleged distribution node makes this case particularly significant from a systemic risk standpoint.
Point of View
But the real question is whether the conspiracy extends deeper into the bank's supply chain or across other currency chest locations. The suspension of employees is a procedural step; what is needed is a forensic audit of chest operations beyond Saharanpur.
NationPress
22 Sept 2026
Frequently Asked Questions
What is the Saharanpur PNB fake currency case?
It is an NIA-investigated case involving the alleged circulation of counterfeit Indian currency notes worth ₹7.29 crore through the Punjab National Bank Currency Chest in Saharanpur, Uttar Pradesh. The racket came to light on 29 August 2026, and three bank employees were suspended for their alleged involvement.
Who is Nitu, the latest accused arrested by the NIA?
Nitu, son of Sarafraj, is a resident of village Kunja Bahadurpur, Iqbalpur, under PS-Bhagwanpur in District Haridwar, Uttarakhand. He is described by the NIA as a close associate of key accused Adesh Choudhary and was arrested on 22 September 2026.
Who else has been arrested in this case so far?
The NIA has arrested three accused persons in total: Amit Kumar on 7 September 2026, Adesh Choudhary on 15 September 2026, and Nitu on 22 September 2026. Adesh Choudhary, a contractual driver at the PNB currency chest, is considered the key accused.
Why did the NIA take over the case from local police?
The NIA took over due to the inter-state nature of the conspiracy and its national security implications, re-registering the case as RC-2/2026/NIA/LKW on 3 September 2026. The use of a regulated banking facility to inject fake currency makes it a matter of federal investigation.
What happens next in the investigation?
The NIA has stated that the investigation is ongoing and further arrests of remaining co-accused and suspects are expected. The agency is working to establish the full network behind the production and distribution of the counterfeit notes.
