Discovered during an internal audit at the Axis Bank currency chest located in Mangal Pandey Nagar, Meerut.
A total of 1,323 counterfeit notes valued at Rs 4,63,650 (spanning multiple denominations from Rs 500 down to Rs 50) were found.
An FIR has been registered at the Civil Lines police station, with authorities investigating 186 connected bank branches to trace the origin of the fake notes.
As many as 1,323 counterfeit currency notes with a face value of Rs 4.63 lakh were found during scrutiny of cash sent from various branches to an Axis Bank currency chest here, police said on Thursday.
An FIR has been registered against unidentified persons at the Civil Lines police station in connection with the recovery, they said.
According to the complaint filed by currency chest manager Sartaj Singh, the counterfeit notes were detected during verification of cash received from different branches between December 1, 2024 and December 31, 2025.
The fake notes were in denominations of Rs 500, Rs 200, Rs 100 and Rs 50, with a total face value of Rs 4,63,650, the complainant said.
Singh, a resident of Hisar in Haryana, had submitted a complaint to Meerut Senior Superintendent of Police BBGTS Murthy on September 16, following which the FIR was registered on September 22 under Sections 178, 179, 180, 181 and 182 of the BNS, which deal with counterfeiting currency, using or possessing counterfeit notes, making or possessing counterfeiting instruments, and making or using documents resembling currency notes.
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The investigation has been handed over to Sub-Inspector Dilip Sengar.
SP City Vinayak Gopal Bhosle said police have begun investigating how and through which banks the counterfeit currency entered the banking system.
The currency chest, located at the Axis Bank branch in Mangal Pandey Nagar under the Medical police station area, is linked to 186 Axis Bank branches, according to the complaint.
The case comes days after counterfeit notes with a face value of Rs 17.29 crore were reportedly detected in a Punjab National Bank currency chest in neighbouring Saharanpur.
