Meerut: Counterfeit currency notes with a total face value of ₹4,63,650 (1,323 fake notes) have been detected at the Axis Bank currency chest in Mangal Pandey Nagar, Meerut.
Police have registered an FIR after 1,323 counterfeit currency notes with a face value of Rs 4.63 lakh were found during scrutiny of cash sent from various bank branches to an Axis Bank currency chest in Meerut, officials said on Thursday.
The fake notes were detected during verification of cash received from different branches between December 1, 2024 and December 31, 2025, according to a complaint filed by currency chest manager Sartaj Singh. The notes were in denominations of Rs 500, Rs 200, Rs 100 and Rs 50, with a total face value of Rs 4,63,650.
According to the complaint, the currency chest is located at the Axis Bank branch in Mangal Pandey Nagar under the Medical police station area and is linked to 186 Axis Bank branches.
The investigation has also intensified. On Thursday, teams from the Crime Branch and Special Task Force (STF) arrived at the bank and conducted an investigation for about an hour. Bank officials have started their own internal investigation also.
The audit conducted so far has revealed counterfeit notes worth ₹4.63 lakh. The investigation team examined the cash stored in the currency chest and related records. The team also sought information from bank officials regarding cash handling and the movement of notes. The investigation lasted for approximately one hour. Special emphasis is being placed on tracing the source of the counterfeit notes.
According to bank sources, the audit of currency notes for the period from December 1, 2024, to December 30, 2025, has been completed. The investigation revealed the discovery of counterfeit notes worth ₹4.63 lakh during this period. The audit of cash related to the years 2025 and 2026 is currently underway.
