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India Today
2 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
3 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.
Hans India
9 hours ago
- Hans India
CBI busts Rs 183 crore fake bank guarantee scam, PNB official among two arrested
Bhopal: In a major breakthrough, the Central Bureau of Investigation (CBI) has unearthed a massive Rs 183 crore fake bank guarantee scam involving an Indore-based private firm, M/s Teerth Gopicon Limited. The agency has confirmed the arrest of two key accused -- Govind Chandra Hansda, a senior manager at Punjab National Bank (PNB), and Mohd Firoz Khan -- both allegedly central to the fraudulent operation. The scam came to light following a directive from the Madhya Pradesh High Court, prompting the CBI to register three separate cases on May 9, 2025. Investigations revealed that Teerth Gopicon Limited had submitted eight forged bank guarantees, valued at Rs 183.21 crore, to secure three irrigation projects worth Rs 974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023. These guarantees were falsely validated through emails sent from a fake PNB email ID, misleading MPJNL into awarding the contracts. The CBI's probe led to coordinated raids across 23 locations in five states -- Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh -- on June 19 and 20. The arrests were made in Kolkata, where both accused were produced before a local court and are now being brought to Indore on transit remand for further interrogation. Preliminary findings suggest the involvement of a larger network operating out of Kolkata, specialising in fabricating bank guarantees to fraudulently obtain government contracts. The agency suspects that several other private entities and public officials may be complicit in the racket, and further arrests are likely as the investigation deepens. The CBI has reiterated its commitment to dismantling such criminal syndicates and ensuring accountability. The case underscores the urgent need for stricter verification protocols in public procurement processes and enhanced cybersecurity measures within banking institutions to prevent misuse of digital identities. As the investigation progresses, authorities are hopeful that the full extent of the conspiracy will be exposed, and all those responsible will be brought to justice.
The Star
9 hours ago
- Business
- The Star
SD Guthrie, SDP team up to turn Carey Island into industrial & logistics hub
PETALING JAYA: SD Guthrie Bhd had inked a joint venture agreement with Sime Darby Property Bhd (SDP) to develop up to 2,000-acres of land in Carey Island, Selangor into an industrial and logistics hub. SD Guthrie, which owns 79% of the island, or 28,646 acres, said the project will be formalised through a special purpose vehicle, with Permodalan Nasional Bhd to nominate the chairman. Both, SD Guthrie and SDP are strategic investee companies of the fund management company. The group said the development aims to transform Carey Island into a leading industrial and logistics hub that will coexist with the integrated palm oil business on the island as well as complement the existing operations at Westport and Northport in Port Klang. The site's proximity to the South Klang Valley Expressway (SKVE) and North-South Expressway is expected to enhance its appeal as a logistics hub. 'The port will thus be well-positioned to compete with regional ports in Singapore, Thailand, and Vietnam, giving a boost to Malaysia's aspirations to become a logistics powerhouse in the region. 'Combined with the thriving plantation business, the new development on Carey Island will stimulate economic growth, generate employment opportunities and uplift the local economy, while preserving the valuable heritage elements of the site,' it said in a statement. SD Guthrie stated that the site also offers scalability for large-scale facilities and aligns with national development plans under the Ekonomi Madani Framework. Further announcements will be made as material developments occur. 'We laud and greatly support this joint venture between SD Guthrie and SDP, which aligns with national aspirations and GEAR-uP initiatives by the Government in catalysing domestic investments. This collaboration between PNB's two strategic companies will provide a boost towards the sustainable development of this high potential area as well as help bolster further Malaysia's economic and industrialisation growth,' PNB president & group chief executive Datuk Abdul Rahman Ahmad said. SD Guthrie operates two estates and palm oil mills on the island, all of which are certified to the highest sustainability standards in the world. Also on the island are a kernel crushing plant, a biodiesel plant, research and development facilities, a robotics and innovation centre, and a nursery. Palm oil produced on Carey Island is processed in two large refineries located nearby in Langat and Port Klang, which serve customers from around the world. There are also 14 historical buildings on Carey Island that are listed as heritage sites by Jabatan Warisan Negara, as well as a large bio-diversity park and sensitive mangrove ecosystems that are maintained by SD Guthrie. Combined with the thriving plantation business, the new development on Carey Island will stimulate economic growth, generate employment opportunities and uplift the local economy, while preserving the valuable heritage elements of the site. SD Guthrie's group managing director Datuk Mohamad Helmy Othman Basha said the group support the Government's aspirations to accelerate the growth of international trade and cater to the demand for innovative industrial facilities. 'Carey Island has been identified by the Government as the new site for a world-class port due to its suitable and strategic location near Port Klang, and proximity to Pulau Indah. Additionally, the island is conveniently connected to the city via the SKVE which integrates with the North-South Expressway, ensuring accessibility. The highways and connectivity offer tremendous potential for the area to grow into an industrial and logistics hub, while enabling the thriving plantation business in the area to continue,' Mohamad Helmy said. Meanwhile, Sime Darby Property group managing director & chief executive officer Datuk Seri Azmir Merican said: 'We are excited to partner with SD Guthrie on this timely opportunity to unlock value in Carey Island as a dynamic port and advance the nation's aspirations of becoming a regional logistics and economic hub. The collaboration allows us to begin master planning and designing a future-ready industrial ecosystem that will serve the needs of businesses and communities for years to come, in line with our Purpose to be a Value Multiplier for people, businesses, economies and the planet.'
Mint
19 hours ago
- Business
- Mint
Tata Power, PNB to Bajaj Auto: 13 stocks to Trade Ex-Dividend Today
Dividend Stocks: Tata Power, PNB, Bajaj Auto, Voltas, HDFC Life, Bank of India are the prominent stocks to trade ex-dividend today. The record date of Friday, June 20, had been set by these companies for identifying the list of shareholders eligible to receive dividends. According to the T+1 settlement procedure, investors should have purchased shares of these companies at least one day prior to the record date if they wanted to take advantage of the 'dividend announcements by these companies and their names appearing in the list of shareholders eligible to receive dividends. Tata Power: For the fiscal year that concluded on March 31, 2025, the Board has recommended paying the members a final dividend of ₹ 2.25 per equity share of ₹ 1 each (at 225%). The dividend needs to be approved by the members at the company's 106th Annual General Meeting (or "AGM"), which is set for Friday, July 4, 2025. Punjab National Bank, or PNB: For FY 2024–2025, a recommended dividend of Rs. 2.90 per equity share (145% on face value) of face value of Rs. 2 per share is subject to shareholder approval at the bank's subsequent annual general meeting. Bajaj Auto Ltd.: For the fiscal year that concluded on March 31, 2025, the Board of Directors had recommended a dividend on equity shares at the rate of Rs. 210 per share (2100%) of face value of Rs. 10 each. If the shareholders approve the dividend at the next Annual General Meeting, it will be credited or distributed on or around August 8, 2025. Voltas Ltd.—For the year 2024–2025, directors have suggested a dividend of Rs. 7 per share on a face value of Re. 1 per share (700%), which will be paid or dispatched on or after the fifth day following the completion of the company's 71st Annual General Meeting, pending shareholder approval. HDFC Life Insurance Company Ltd.—The company had recommended final dividend of ₹ 2.10 per equity share of face value of ₹ 10 each for the financial year 2024-25. Bank of India: Recommended a dividend of Rs. 4.05 (i.e., 40.50%) per equity share (face value Rs. 10/-). each fully paid up) for the FY2024-25. Other stocks, such as Torrent Pharma, Transcorp International Ltd., Rossari Biotech Ltd, Mawana Sugars Ltd, Supreme Industries Ltd, Solitaire Machine Tools Ltd., and Swastika Investsmart Ltd., will also trade ex-dividend today Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
