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The Hindu
4 hours ago
- The Hindu
CBI arrests two from Kolkata for ₹183 crore fake bank guarantee fraud in M.P.
The Central Bureau of Investigation (CBI) has arrested two persons, including a senior official of the Punjab National Bank (PNB), for their alleged involvement in a ₹183 crore forged bank guarantee submission fraud to secure multiple irrigation projects in Madhya Pradesh, the agency said on Friday (June 20, 2025). According to a statement from the CBI, Govind Chandra Hansda, a senior manager at PNB, and Mohammed Firoz Khan were arrested from Kolkata after multiple raids at 23 locations in New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh on June 19 and 20. The arrests expose an inter-state gang involved in helping companies obtain fake bank guarantees to secure government projects in various States, it said. The CBI, as per the statement, launched an investigation into the matter after registering three separate cases on May 9, based on directions from the Madhya Pradesh High Court. The agency said that Teerth Gopicon Ltd., an Indore-based company, secured three irrigation projects in 2023 in Madhya Pradesh, worth ₹974 crore from Madhya Pradesh Jal Nigam Limited (MPJNL). 'To support these contracts, eight fake bank guarantees valued at ₹183.21 crores were submitted to the MPJNL,' the CBI said. 'During initial verification, [the] MPJNL received fraudulent email responses impersonating the official domain of PNB, falsely confirming the authenticity of the bank guarantees. Relying on these confirmations, [the] MPJNL awarded the three contracts to the firm,' it added. The agency said that the two accused were produced before a local court in Kolkata and will soon be brought to Indore on transit remand. 'The investigation so far has revealed that a Kolkata-based syndicate has been systematically fabricating and circulating fake bank guarantees to secure government contracts across multiple states,' the CBI said, adding that further probe is on in the matter.
NDTV
6 hours ago
- Business
- NDTV
Two Arrested In Rs 183 Crore Fake Bank Guarantee Scam
New Delhi: The Central Bureau of Investigation (CBI) initiated three distinct cases on May 9, in accordance with directives issued by the High Court of Madhya Pradesh, the agency said in a release on Thursday. According to the release, these cases involve a significant financial fraud involving an Indore-based company that submitted forged bank guarantees totalling Rs. 183.21 crores to the Madhya Pradesh Jol Nigam Limited (MPJNL). In 2023, the company secured three immigration projects in Madhya Pradesh worth a staggering Rs. 974 crores from MPJNL. To support these contracts, eight fake bank guarantees valued at Rs. 183.21 crores were submitted. During initial verification, MPJNL received fraudulent email responses impersonating the official domain of Punjab National Bank (PNB), falsely confirming the authenticity of the bank guarantees. Relying on these confirmations, MPJNL awarded the firm three contracts valued at over Rs. 974 crores in this matter. The CBI launched a large-scale operation on June 19 and June 20, conducting searches at 23 locations across five states: New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh. This operation led to the arrest of two individuals from Kolkata, including a senior manager from Punjab National Bank, the CBI said. Both individuals were produced today before the local jurisdictional court in Kolkata and will be brought to Indore on transit remand, it said. The investigation so far has revealed that a Kolkata-based syndicate has been systematically fabricating and circulating fake bank guarantees to secure government contracts across multiple states. Further investigation is still on, it added.
India Gazette
7 hours ago
- Business
- India Gazette
CBI cracks down on Rs 183 crore fake bank guarantee scam, arrests two
New Delhi [India], June 21 (ANI): The Central Bureau of Investigation (CBI) initiated three distinct cases on May 9, in accordance with directives issued by the High Court of Madhya Pradesh, the agency said in a release on Thursday. According to the release, these cases involve a significant financial fraud involving an Indore-based company that submitted forged bank guarantees totalling Rs. 183.21 crores to the Madhya Pradesh Jol Nigam Limited ( In 2023, the company secured three immigration projects in Madhya Pradesh worth a staggering Rs. 974 crores from MPJNL. To support these contracts, eight fake bank guarantees valued at Rs. 183.21 crores were submitted. During initial verification, received fraudulent email responses impersonating the official domain of Punjab National Bank (PNB), falsely confirming the authenticity of the bank guarantees. Relying on these confirmations, MP JNL awarded the firm three contracts valued at over Rs. 974 crores in this matter. The CBI launched a large-scale operation on June 19 and June 20, conducting searches at 23 locations across five states: New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh. This operation led to the arrest of two individuals from Kolkata, including a senior manager from Punjab National Bank, the CBI said. Both individuals were produced today before the local jurisdictional court in Kolkata and will be brought to Indore on transit remand, it said. The investigation so far has revealed that a Kolkata-based syndicate has been systematically fabricating and circulating fake bank guarantees to secure government contracts across multiple states. Further investigation is still on, it added. (ANI)
India Today
9 hours ago
- Business
- India Today
CBI arrests government bank manager in Rs 183 crore fake bank guarantee scam
In a major financial fraud case involving forged bank guarantees worth Rs 183.21 crore, the Central Bureau of Investigation (CBI) has arrested two individuals, including a Senior Manager of Punjab National Bank (PNB), in connection with a scam involving an Indore-based company and the Madhya Pradesh Jal Nigam Limited (MPJNL).According to CBI, the Indore-based firm had secured three large irrigation projects worth Rs 974 crore in 2023 from MPJNL by submitting eight fake bank guarantees, purportedly issued by PNB. The MPJNL initially received forged confirmation emails that appeared to be from the official domain of PNB. These fraudulent communications falsely confirmed the authenticity of the bank guarantees, which subsequently led to MPJNL approving the a crackdown on June 19 and 20, the CBI conducted searches at 23 locations across five states, including New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh, following directives of the Madhya Pradesh High Court. The operation resulted in the arrest of two individuals from Kolkata, including a serving senior manager of Punjab National Bank. Both the accused were presented before a local court in Kolkata and have been granted transit remand. Preliminary findings suggest that a well-organised Kolkata-based syndicate has been actively engaged in fabricating and distributing fake bank guarantees to win lucrative government contracts across multiple sources confirmed that the investigation is still ongoing in the case. Must Watch
Time of India
9 hours ago
- Business
- Time of India
CBI busts Rs 183.21 cr fake bank guarantee scam, make 2 arrests
Bhopal: The Central Bureau of Investigation (CBI) has busted a Rs 183.21 crore fake bank guarantee scam with the arrest of two persons — including a senior manager of Punjab National Bank. The arrests were made in Kolkata following a multi-state operation. The crackdown comes after the High Court of Madhya Pradesh directed the CBI to probe allegations involving forged bank guarantees submitted by an Indore-based company to Madhya Pradesh Jal Nigam Limited (MPJNL). Acting on these directions, the CBI registered three separate cases on May 9, 2025. The company in question had secured three major irrigation contracts in 2023 from the MP Jal Nigam, collectively valued at Rs 974 crore. To meet the contractual requirements, it submitted eight fake bank guarantees worth Rs 183.21 crore, purportedly issued by PNB. MPJNL initially received e-mail confirmations that appeared to originate from PNB's official domain. Later these were found to be fraudulent and based on these forged confirmations, the agency awarded the high-value contracts to the company. Following preliminary findings, the CBI launched an extensive search operation on June 19 and 20, 2025, across 23 locations spanning five states — Madhya Pradesh, West Bengal, Gujarat, Jharkhand, and New Delhi. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Teaneck: Stunning New 2-Bed Senior Apartments (Take A Peek Inside) Senior Apartments | Search Ads Click Here Undo The operation led to the arrest of two persons from Kolkata, one of whom is a senior PNB manager suspected of direct involvement in the scam. Both accused were produced before a local court in Kolkata and are being brought to Indore on transit remand for further questioning. Preliminary investigation has indicated the involvement of a Kolkata-based syndicate that has been systematically fabricating fake bank guarantees to fraudulently secure govt contracts in various states. The syndicate used sophisticated methods, including fake email domains and digital forgeries, to bypass due diligence processes." The CBI is continuing its probe to identify all those involved in the conspiracy. More arrests and seizures are expected as investigators trace financial records and digital evidence linked to similar frauds in other regions.
