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CBI Arrests Two, Including PNB Manager, in ₹183 Crore Fake Bank Guarantee Scam

Coordinated raids revealed a Kolkata-based syndicate forging guarantees to secure irrigation contracts for Madhya Pradesh projects

The Madhya Pradesh High Court had earlier transferred the investigation to the Central Bureau of Investigation (CBI).
CBI arrests government bank manager in Rs 183 crore fake bank guarantee scam
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CBI

Overview

  • The CBI registered three cases on May 9 after a Madhya Pradesh High Court order to probe Teerth Gopicon Limited’s forged guarantees
  • Eight counterfeit PNB guarantees worth ₹183.21 crore were submitted to MPJNL to win three irrigation contracts valued at ₹974 crore in 2023
  • Barragency findings show MPJNL was misled by fraudulent email confirmations impersonating Punjab National Bank’s official domain
  • Govind Chandra Hansda, a senior PNB manager, and Mohammed Firoz Khan were arrested following searches at 23 locations across Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh
  • Investigators say further detentions are likely as the inquiry uncovers more links to the interstate forgery ring