Sat Jun 21 01:18:24 UTC 2025: **Summary:**

The Central Bureau of Investigation (CBI) has arrested a senior Punjab National Bank (PNB) official and another individual in connection with a ₹183 crore forged bank guarantee fraud. The fraud enabled Teerth Gopicon Ltd., an Indore-based company, to secure multiple irrigation projects in Madhya Pradesh. The CBI investigation revealed a Kolkata-based syndicate fabricating and circulating fake bank guarantees to secure government contracts across multiple states.

**News Article:**

**CBI Busts ₹183 Crore Fake Bank Guarantee Scam, Arrests PNB Official**

**New Delhi, June 21, 2025:** The Central Bureau of Investigation (CBI) has made significant headway in uncovering a large-scale fraud involving forged bank guarantees, arresting a senior Punjab National Bank (PNB) official and another individual on Friday, June 20th, 2025. The arrests are linked to a ₹183 crore scam that enabled Teerth Gopicon Ltd., an Indore-based company, to secure multiple irrigation projects in Madhya Pradesh.

The arrested individuals are identified as Govind Chandra Hansda, a senior manager at PNB, and Mohammed Firoz Khan. The arrests followed extensive raids across 23 locations in New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh on June 19th and 20th.

According to a CBI statement, the investigation was launched on May 9th based on directions from the Madhya Pradesh High Court. The agency found that Teerth Gopicon Ltd. secured three irrigation projects worth ₹974 crore from Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023 by submitting eight fake bank guarantees valued at ₹183.21 crores.

MPJNL officials were initially misled by fraudulent email responses impersonating PNB, which falsely confirmed the authenticity of the bank guarantees. Relying on these confirmations, MPJNL awarded the contracts to Teerth Gopicon Ltd.

“The investigation so far has revealed that a Kolkata-based syndicate has been systematically fabricating and circulating fake bank guarantees to secure government contracts across multiple states,” the CBI stated. “Further probe is on in the matter.”

The arrested individuals were produced before a local court in Kolkata and will be brought to Indore on transit remand for further questioning. The CBI’s investigation aims to dismantle the entire syndicate and uncover the full extent of their fraudulent activities.

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