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Fake ₹20 Coins Worth Allegedly Over ₹70 Crore? Inside India's Multi-State Counterfeit Coin Racket

November 11, 2026

By BlazeBulletin Crime & Investigation Desk | November 10, 2026 



Counterfeit ₹20 coins and coin-manufacturing equipment seized during police investigations. Representative editorial image.

A screwdriver factory that allegedly manufactured fake currency

Millions of Indians use coins every day for small purchases, public transport, toll payments and everyday transactions. But what if some of the ₹20 coins changing hands across the country are not genuine?

A major counterfeit coin racket uncovered by police in Uttar Pradesh has raised serious questions about the circulation of fake Indian currency. Investigators have alleged that a network operating across several states manufactured and distributed counterfeit ₹20 coins, potentially introducing coins with a face value exceeding ₹70 crore into the market.

The investigation has revealed an alleged operation that used ordinary manufacturing businesses as a cover, moved machinery between locations to evade law enforcement and relied on intermediaries to distribute counterfeit coins through everyday commercial channels.

The case came into focus after Saharanpur Police intercepted five men on September 13, 2026, while they were allegedly shifting heavy machinery from Sonipat in Haryana to Uttar Pradesh.

According to a detailed investigation published by The Indian Express on November 3, the group had allegedly operated a manufacturing unit in Sonipat for approximately ten months under the appearance of a screwdriver manufacturing business.

What initially appeared to be an ordinary industrial operation was allegedly a counterfeit coin production unit.

The Saharanpur operation: How the racket was uncovered



The breakthrough reportedly came after an informer alerted Saharanpur Police that a group of men was looking for a premises measuring approximately 500 square feet to install six heavy machines.

Police subsequently intercepted three men in the Titron area of Saharanpur. They were identified as Upkar Luthra, also known as Abhay Pratap Singh; Himanshu, alias Gullu; and Kuldeep.

During questioning, police reportedly discovered that two more associates, Santosh Chaurasia, also known as Janardhan, and Anurag Pal, alias Lankesh, were waiting nearby in separate vehicles.

Officers moved in and apprehended the remaining suspects.

The search led to the recovery of six heavy machines, 6,400 counterfeit ₹20 coins with a face value of ₹1.28 lakh and semi-finished coins estimated to have a face value of approximately ₹5 lakh.

Investigators believe the group was relocating its equipment after an associate was arrested in a separate Delhi Police investigation. Fearing that the Sonipat manufacturing unit could be raided, the accused allegedly shut down operations and attempted to establish themselves in Saharanpur.

However, the attempt to relocate the machinery reportedly brought the operation to the attention of the police.

Who was allegedly behind the operation?



According to the investigating team, Upkar Luthra was one of the central figures in the alleged counterfeit coin network.

Police said Luthra had previously worked as a goldsmith. Investigators believe he used his knowledge of metalworking and finishing techniques to experiment with counterfeit coins and make them resemble genuine currency.

The investigation also revealed that Luthra and Himanshu allegedly became acquainted in Tihar Jail and subsequently developed their network. Other associates are believed to have joined the operation through contacts established in different prisons.

Police suspect that the group moved manufacturing equipment between different locations whenever it anticipated a crackdown.

The investigation has also highlighted the alleged division of responsibilities among members:

  • Upkar Luthra: Allegedly supervised the finishing of counterfeit coins.
  • Santosh Chaurasia: Allegedly handled the manufacturing process.
  • Anurag Pal: Allegedly managed the factory's overall operations.
  • Kuldeep and Himanshu: Allegedly supervised the circulation and distribution of the coins.

These roles are based on police accounts and allegations under investigation; they have not been established by a court.

How were counterfeit ₹20 coins manufactured?



The manufacturing process described by investigators suggests that the operation involved more than simply stamping metal into the shape of a coin.

According to police, the accused allegedly sourced coin-sized metal rings made from a mixture of aluminium, copper and nickel from a Delhi-based unit.

They then procured specially manufactured dies designed to replicate the appearance of genuine ₹20 coins.

The metal rings were reportedly placed between the dies and pressed using heavy machinery. The coins were subsequently subjected to finishing processes intended to improve their circular shape and surface appearance.

During the Saharanpur operation, police recovered:

  • 39 unmarked and 20 marked dies.
  • A die-polishing machine.
  • Two grinding stones.
  • Brushes, files and hammers.
  • An iron-cutting saw and other industrial tools.
  • Wrenches, spanners, a vice and a Vernier caliper.

The accused allegedly claimed that their manufacturing capacity was between 10,000 and 12,000 coins daily, with production costs of approximately ₹5–₹6 per coin.

However, police acknowledged that these production figures could not be independently verified because the machines were not operating when they were recovered.

The alleged distribution network: How fake coins entered everyday transactions



Perhaps the most concerning aspect of the investigation is the alleged distribution mechanism.

According to police, counterfeit coins were supplied to intermediaries in packets of 100.

A packet containing coins with a face value of ₹200 was allegedly sold for approximately ₹160.

The intermediaries reportedly distributed these packets further, with young people allegedly being encouraged to circulate the coins at toll plazas, small-town markets, liquor shops and village retail outlets.

Investigators suspect that some of these individuals were not even aware that the coins were counterfeit. They were allegedly told that the coins were simply surplus currency that someone wanted to exchange or dispose of.

This method potentially allowed counterfeit coins to enter ordinary commercial transactions without immediately attracting suspicion.

The network was allegedly active across Haryana, Delhi, Punjab, Uttar Pradesh, Bihar and Jharkhand.

According to Saharanpur SSP Abhinandan, the accused claimed to have circulated counterfeit coins worth more than ₹70 crore.

To understand the scale of this allegation, ₹70 crore in ₹20 denominations would represent approximately 3.5 crore coins.

It is important to note that the ₹70-crore figure is an allegation made by the accused, not a verified estimate of the actual counterfeit currency circulating in the country. Police have not established the total number of fake coins that successfully entered the market.

Delhi Police investigation adds another dimension



The Saharanpur investigation is connected to a separate Delhi Police case involving the alleged supply of counterfeit ₹20 coins.

According to a report published by The Times of India on November 1, Delhi Police arrested four people in connection with a counterfeit ₹20 coin manufacturing and supply racket.

The investigation reportedly began after police intercepted a car near Mundka Industrial Area in Delhi on September 8.

Officers recovered approximately ₹1 lakh worth of counterfeit ₹20 coins from a laptop bag containing 50 packets, each holding 100 coins.

During questioning, the arrested carrier, Paras Jain, allegedly disclosed that he had obtained the consignment from Upkar Luthra for ₹70,000 against its face value of ₹1 lakh.

Delhi Police subsequently traced Luthra and his associates.

The report said five accused were brought from Saharanpur jail on production warrants, and three of them were formally arrested in the Delhi case following interrogation and court permission.

This development demonstrates how investigations in Delhi and Saharanpur have intersected, exposing different parts of the alleged manufacturing and distribution chain.

Not the first counterfeit coin racket in India


India has witnessed counterfeit coin manufacturing operations in the past, particularly in Delhi and Haryana.

The 2016 Delhi-Haryana crackdown

In October 2016, Delhi Police uncovered multiple counterfeit coin manufacturing units operating in Delhi and Haryana.

According to earlier reports, investigators recovered counterfeit ₹5 and ₹10 coins with a combined face value of approximately ₹12.24 lakh.

One of the units reportedly operated from a factory in Bawana, on the outskirts of Delhi. Six hydraulic machines were allegedly being used to manufacture counterfeit coins.

Police investigations suggested that a legitimate-looking Teflon-coating business had initially been established to avoid suspicion before the operation shifted to counterfeit coin manufacturing.

The 2019 Faridabad investigation

In May 2019, Faridabad Police uncovered another alleged counterfeit coin manufacturing operation in the Ganpati Dham Industrial Area of Bahadurgarh, Haryana.

The investigation began after police intercepted a vehicle on Surajkund Road and recovered approximately 50,000 counterfeit ₹5 coins hidden beneath passenger seats.

A subsequent factory raid reportedly led to the recovery of another 50,000 coins, including some that were still being manufactured.

These earlier cases indicate that counterfeit coin production has repeatedly exploited industrial premises and apparently legitimate business activities to avoid detection.

Further arrests: The investigation expands to Bihar


The Saharanpur investigation subsequently extended to Madhubani in Bihar.

In a joint operation with Bihar Police, Saharanpur investigators arrested Mithlesh Chaurasia, 55, who was allegedly associated with the network and responsible for arranging raw materials and labourers.

He is the brother of Santosh Chaurasia, who had already been arrested.

With Mithlesh's arrest, the number of people arrested in the Saharanpur case reportedly increased to six.

Separately, Paras Jain had been arrested by Delhi Police in September, according to the investigating officer quoted by The Indian Express.

The parallel Delhi investigation reported four arrests in its own case. These figures should not be added together as a single consolidated arrest count because the cases and their procedural status are different.

What does Indian law say about counterfeit coins?

Counterfeiting Indian coins is a serious criminal offence.

Under the Bharatiya Nyaya Sanhita (BNS), 2023, which came into force on July 1, 2024, several provisions deal specifically with counterfeit currency and coins.

  • Section 178: Counterfeiting coins or knowingly participating in the counterfeiting process can attract imprisonment for life or imprisonment of up to ten years, along with a fine.
  • Section 179: Knowingly buying, selling, trafficking or using counterfeit coins as genuine can also attract imprisonment for life or imprisonment of up to ten years, along with a fine.
  • Section 180: Knowingly possessing counterfeit coins with the intention of using them as genuine can attract imprisonment of up to seven years, a fine, or both.
  • Section 181: Making or possessing machinery, dies or materials intended for counterfeiting can attract imprisonment for life or imprisonment of up to ten years, along with a fine.

The seriousness of these provisions reflects the importance of protecting the integrity of India's currency system.


What should consumers and shopkeepers do?

The investigation raises an important question: how can ordinary people avoid unknowingly accepting counterfeit coins?

Consumers and shopkeepers should exercise reasonable caution when receiving unusually large quantities of coins from unfamiliar individuals, particularly where the coins are offered at a discount or through suspicious exchange arrangements.

Some practical precautions include:

  1. Be cautious about bulk coin transactions offered significantly below their face value.
  2. Pay attention to unusual differences in appearance, weight, shape and finishing.
  3. Avoid accepting suspicious bulk consignments from unknown intermediaries.
  4. If a coin appears suspicious, do not knowingly circulate it further.
  5. Seek guidance from a bank or the appropriate authorities rather than attempting to determine authenticity through unreliable online tests.

Importantly, a coin should not be declared counterfeit merely because it looks unfamiliar or different from another coin. Visual inspection alone may not establish whether a coin is genuine.

The bigger question: How much counterfeit currency is already in circulation?

The Saharanpur case is more than a story about a few machines and a handful of arrests. It raises broader concerns about how easily counterfeit currency can enter everyday transactions through fragmented distribution networks.

The alleged use of ordinary businesses as cover, the movement of manufacturing equipment across state boundaries and the involvement of intermediaries demonstrate the complexity of investigating such operations.

The reported claim of ₹70 crore worth of counterfeit coins remains unverified. Establishing the actual scale will require further investigation, including tracing the distribution chain, identifying the sources of raw materials and determining how many counterfeit coins reached consumers.

For now, the case serves as a reminder that counterfeit currency is not limited to banknotes. Even the coins we routinely receive as change can become part of a sophisticated criminal operation.

The investigation is ongoing, and the final extent of the alleged racket will depend on what police establish through further evidence and judicial proceedings.

Blaze Bulletin Desk

Posted by Blaze Bulletin Desk

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