Cash Management firm under probe for allegedly depositing 19 fake ₹500 notes
Police in Bengaluru are investigating a cash management firm after 19 counterfeit ₹500 notes were discovered in deposits made at an SBI branch. The bank filed a formal complaint after detecting the fake currency during routine verification processes.
Why it matters
The incident raises concerns about the security protocols of private cash management firms and the integrity of currency circulation within the banking system.
The Cubbon Park Police have initiated an investigation against a city-based security and cash management company for allegedly depositing 19 counterfeit ₹500 currency notes at the State Bank of India (SBI) Main Branch on St. Mark’s Road.
According to the complaint filed by D. Sreenivasulu, Chief Manager of SBI’s Bengaluru Main Branch on Friday, the bank received a cash deposit of ₹1,50,40,000 from a city based private firm dealing with security and cash management services on July 8.
During the verification process, bank officials allegedly detected 10 counterfeit ₹500 notes in the cash remittance.
The following day, July 9, the company deposited another ₹1,42,60,000 at the same branch. Upon scrutiny, bank officials reportedly found nine more fake ₹500 notes in the second deposit.
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