The Central Bureau of Investigation (CBI) has arrested two individuals, including a senior Punjab National Bank (PNB) manager,
The Central Bureau of Investigation (CBI) has arrested two individuals, including a senior Punjab National Bank (PNB) manager, Govind Chandra Hansda, and Mohammed Firoz Khan, in connection with a ₹183.21 crore fake bank guarantee scam linked to irrigation projects in Madhya Pradesh.
The scam involved an Indore-based company, M/s Teerth Gopicon Limited, which secured three irrigation contracts worth ₹974 crore in 2023 from Madhya Pradesh Jal Nigam Limited (MPJNL) by submitting eight forged bank guarantees.
Fraudulent emails, impersonating PNB’s official domain, were used to falsely validate these guarantees, leading MPJNL to award the contracts.
The CBI registered three cases on May 9, 2025, following directives from the Madhya Pradesh High Court.
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On June 19 and 20, 2025, the CBI conducted searches across 23 locations in five states—Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh—uncovering a Kolkata-based syndicate systematically fabricating fake bank guarantees to secure government contracts across multiple states.
The accused were arrested in Kolkata and are being brought to Indore on transit remand. The investigation is ongoing.