Overview
- Mahesh Kumbhani, managing director of Indore-based Teerth Gopicon, and associate Gaurav Dhakad were arrested on Monday and are to be produced before a special CBI court on Tuesday.
- CBI alleges the company submitted eight forged bank guarantees worth Rs 183.21 crore to back bids for three MPJNL irrigation projects awarded in 2023 in Chhatarpur, Sagar and Dindori, valued at Rs 974 crore.
- On the basis of the fake guarantees, the company received about Rs 85 crore in mobilisation advances from MPJNL, according to the agency.
- Investigators say MPJNL was misled by emails sent from a forged Punjab National Bank domain that falsely confirmed the guarantees’ authenticity.
- In June, CBI arrested three Kolkata-linked suspects, including PNB senior manager Govind Chandra Hansda and Mohammed Firoz Khan, as part of three cases now under active investigation.