Meerut, Uttar Pradesh: The discovery of 1,323 counterfeit notes with a face value of ₹4.63 lakh in the currency chest of Axis Bank in Meerut, Uttar Pradesh, caused a stir. This consignment of counterfeit notes was discovered during a cash check.
This incident comes shortly after counterfeit notes worth crores of rupees were found in the currency chest of Punjab National Bank (PNB) in neighboring Saharanpur.
Counterfeit notes discovered during cash check
According to a complaint from the bank’s currency chest manager, the counterfeit notes were identified during a check of cash deposited in the chest between December 1, 2024, and 31, 2025.
The recovered counterfeit notes include ₹500, ₹200, ₹100, and ₹50 denominations. The total face value of these notes is estimated to be ₹4,63,650.
The Axis Bank currency chest in Mangal Pandey Nagar, Meerut, receives cash from approximately 186 Axis Bank branches. Deposits are checked and processed at this chest.
FIR filed against unknown individuals
The bank manager filed a complaint with Meerut SSP BBGTS Murthy on September 16th. A case was subsequently registered at the Civil Lines police station on September 22nd.
The police have filed an FIR against unknown individuals under sections of the Indian Penal Code (IPC) related to counterfeit currency.
The police are now investigating how the counterfeit notes entered the banking system and where they were brought to the currency chest.
Case comes to light after PNB case in Saharanpur
The case of counterfeit currency notes found in Meerut comes just days after reports emerged that counterfeit notes with a face value of ₹17.29 crore were found in a PNB currency chest in Saharanpur.
Meerut police are now investigating the source of the counterfeit notes and how they reached the banking system.