The Central Bureau of Investigation (CBI) has uncovered a massive ₹183 crore fake bank guarantee scam involving Indore-based firm M/s Teerth Gopicon Limited. The agency has arrested Punjab National Bank (PNB) Senior Manager Govind Chandra Hansda and another accused, Mohd Firoz Khan, for their alleged central roles in the fraud.
The scam, which came to light following a directive from the Madhya Pradesh High Court, led to the registration of three FIRs by the CBI on May 9, 2025.
Investigators found that Teerth Gopicon Limited had submitted eight forged bank guarantees, totalling ₹183.21 crore, to secure three irrigation projects worth ₹974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023. The forged guarantees were falsely verified using a fake PNB email ID.
In a massive crackdown, the CBI conducted searches at 23 locations across Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh on June 19 and 20. The two accused were arrested from Kolkata and are being brought to Indore on transit remand.
Preliminary probes suggest the involvement of a larger forgery network operating out of Kolkata, potentially involving more private companies and government officials.
The CBI has pledged to dismantle the entire syndicate and called for tighter procurement checks and stronger digital verification in banking to prevent such fraud.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

CBI Busts ₹183 Cr Fake Bank Guarantee Scam in MP

PNB official, accomplice arrested; fake guarantees used to win ₹974 cr irrigation projects

CBI Busts ₹183 Cr Fake Bank Guarantee Scam in MP

PNB official, accomplice arrested; fake guarantees used to win ₹974 cr irrigation projects

June 20, 2025 | 19:16 IST