CBI Cracks Rs 183.21 Crore Fake Bank Guarantee Scandal

The CBI has arrested two individuals, including a senior manager at Punjab National Bank, in connection with a Rs 183.21 crore counterfeit bank guarantee scam involving irrigation projects in Madhya Pradesh. The syndicate allegedly provided fake guarantees to secure government contracts across multiple states.

Devdiscourse News Desk | New Delhi | Updated: 20-06-2025 19:04 IST | Created: 20-06-2025 19:04 IST

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The Central Bureau of Investigation (CBI) has made significant progress in a high-profile counterfeit bank guarantee scandal, leading to the arrests of two individuals, including a senior branch manager at Punjab National Bank. The scam, which involves duplicate bank guarantees worth Rs 183.21 crore, was linked to irrigation projects in Madhya Pradesh.

The individuals detained by the CBI are Govind Chandra Hansda, a senior manager at PNB, and Mohammed Firoz Khan, who was arrested in Kolkata. The arrests followed an extensive operation covering 23 locations across Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh.

The focus of the investigation has been an Indore-based company, Teerth Gopicon Limited, which allegedly used these fake bank guarantees to secure contracts totaling Rs 974 crore from Madhya Pradesh Jal Nigam Limited. The CBI's inquiry revealed a Kolkata-based syndicate's involvement in this large-scale fraud.

(With inputs from agencies.)