Bhopal: The Central Bureau of Investigation (CBI) has uncovered a significant financial fraud involving counterfeit bank guarantees amounting to ₹183.21 crore. The scam centers around an Indore-based firm, Teerth Gopicon Limited, which allegedly submitted forged bank guarantees to secure irrigation contracts worth ₹974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023.
The Modus Operandi
To facilitate the fraudulent acquisition of these contracts, the company presented eight fake bank guarantees, purportedly issued by Punjab National Bank (PNB). To further authenticate these guarantees, the perpetrators sent forged email confirmations mimicking PNB’s official domain. Relying on these deceptive communications, MPJNL awarded the contracts to Teerth Gopicon Limited
CBI’s Crackdown
Following directives from the Madhya Pradesh High Court, the CBI initiated investigations by registering three separate cases on May 9, 2025. Subsequently, on June 19 and 20, the agency conducted coordinated searches across 23 locations in five states: Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh. This extensive operation led to the arrest of two individuals in Kolkata:
- Govind Chandra Hansda, Senior Manager at Punjab National Bank
- Mohd. Firoz Khan, a Kolkata-based individual
Both arrested individuals were produced before a local court in Kolkata and are being brought to Indore on transit remand for further interrogation.
Investigative Findings
Preliminary investigations have revealed the involvement of a Kolkata-based syndicate specializing in the fabrication of fake bank guarantees to secure government contracts across multiple states. The syndicate employed sophisticated methods, including the use of fake email domains and digital forgeries, … verification processes and mislead government agencies.
Implications and Concerns
This incident underscores significant vulnerabilities in the verification mechanisms employed by government agencies and banking institutions. The reliance on digital communications without stringent validation processes has been exploited, leading to substantial financial fraud. The CBI’s ongoing investigation aims to dismantle the syndicate and identify all individuals involved in this elaborate scheme.
