New Delhi: The National Investigation Agency (NIA) has arrested two alleged key conspirators in a counterfeit currency case involving fake Indian banknotes worth ₹17.29 crore recovered from the Punjab National Bank (PNB) currency chest in Saharanpur, Uttar Pradesh. The latest arrests in Ambala and Manali are part of an ongoing investigation into the suspected network behind the printing and large-scale circulation of counterfeit notes.
The agency identified the arrested suspects as Ajay Kumar and Harish Raunta. Investigators allege that both were involved in a conspiracy to print fake Indian currency and supply it in substantial quantities.
How Were the Two Suspects Traced?
According to the NIA, Ajay Kumar was arrested in Ambala, Haryana, on October 16, while Harish Raunta was apprehended in Manali, Himachal Pradesh, on October 22.
The agency said both men were close associates of previously arrested accused Adesh Chaudhary and other suspects in the case. Investigators are now working to establish the links between the accused and determine the extent of the suspected counterfeit currency network.
₹17.29 Crore in Fake Notes Discovered in Saharanpur
The case came to light on August 29, 2026, after Sadar Bazar police station in Saharanpur received information that counterfeit notes worth ₹17.29 crore had been found in the PNB currency chest.
During the subsequent investigation, the role of three bank employees also came under scrutiny. The bank suspended the employees following the developments.
The scale of the alleged counterfeit currency recovery prompted further investigation into how the fake notes reached the bank’s currency chest and who was involved in the suspected operation.
NIA Takes Over Investigation, Five Arrested Earlier
The case was initially registered by Saharanpur police under Section 178 of the Bharatiya Nyaya Sanhita (BNS). The NIA took over the investigation on September 3.
Before the latest arrests, the agency had arrested five people in September: Amit Kumar, Adesh Chaudhary, Mukesh Kumar, Rajendra and Neetu.
The arrests of Ajay Kumar and Harish Raunta represent a further step in the investigation as officials attempt to identify the roles of individual suspects and trace the wider network.
Probe Continues to Identify Other Suspects
The NIA has said its investigation remains ongoing, with efforts focused on uncovering the complete alleged counterfeit currency operation and locating the remaining accused and suspects.
Investigators are working to piece together the connections among those arrested and establish how the alleged printing and supply network functioned. Further action may follow as the agency examines additional evidence and traces other possible links.
