CBI Cracks Down On ₹183 Crore Fake Bank Guarantee Scam – Senior PNB Manager Among Two Arrested
The investigation has unearthed a Kolkata-based syndicate that has been fabricating fake bank guarantees to secure government contracts in multiple states
By Inder Vashisth
The Central Bureau of Investigation (CBI) has unearthed a massive financial fraud involving fake bank guarantees worth ₹183.21 crore. The agency has registered three separate FIRs on May 9, 2025, following directions from the Hon’ble High Court of Madhya Pradesh.
At the heart of the scam is M/s Teerth Gopicon Limited, an Indore-based private firm that allegedly submitted forged bank guarantees to secure irrigation contracts worth over ₹974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023.
Investigations have revealed that eight fake bank guarantees, falsely attributed to Punjab National Bank (PNB), were submitted by the firm. To bolster their authenticity, the perpetrators reportedly sent forged email confirmations mimicking the official PNB domain. Relying on these misleading verifications, MPJNL awarded three large-scale irrigation projects to the company.
In a major crackdown on June 19 and 20, 2025, the CBI conducted coordinated searches across 23 locations in five states—New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh. The operation culminated in the arrest of two individuals from Kolkata:
- Govind Chandra Hansda, Senior Manager, Punjab National Bank
- Mohd. Firoz Khan
According to sources, the investigation has unearthed a Kolkata-based syndicate that has been fabricating fake bank guarantees to secure government contracts in multiple states. The probe is ongoing, and more arrests are likely.
The case has raised serious concerns about verification mechanisms within government agencies and banks and is expected to have wider ramifications across the infrastructure and banking sectors.
