Bhopal, June 20 (IANS) In a major breakthrough, the Central Bureau of Investigation (CBI) has unearthed a massive Rs 183 crore fake bank guarantee scam involving an Indore-based private firm, M/s Teerth Gopicon Limited.

The agency has confirmed the arrest of two key accused — Govind Chandra Hansda, a senior manager at Punjab National Bank (PNB), and Mohd Firoz Khan — both allegedly central to the fraudulent operation. The scam came to light following a directive from the Madhya Pradesh High Court, prompting the CBI to register three separate cases on May 9, 2025.

Investigations revealed that Teerth Gopicon Limited had submitted eight forged bank guarantees, valued at Rs 183.21 crore, to secure three irrigation projects worth Rs 974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023. These guarantees were falsely validated through emails sent from a fake PNB email ID, misleading MPJNL into awarding the contracts.

The CBI’s probe led to coordinated raids across 23 locations in five states — Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh — on June 19 and 20. The arrests were made in Kolkata, where both accused were produced before a local court and are now being brought to Indore on transit remand for further interrogation.

Preliminary findings suggest the involvement of a larger network operating out of Kolkata, specialising in fabricating bank guarantees to fraudulently obtain government contracts. The agency suspects that several other private entities and public officials may be complicit in the racket, and further arrests are likely as the investigation deepens.

The CBI has reiterated its commitment to dismantling such criminal syndicates and ensuring accountability. The case underscores the urgent need for stricter verification protocols in public procurement processes and enhanced cybersecurity measures within banking institutions to prevent misuse of digital identities. As the investigation progresses, authorities are hopeful that the full extent of the conspiracy will be exposed, and all those responsible will be brought to justice.

–IANS

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