In a major financial fraud case involving forged bank guarantees worth Rs 183.21 crore, the Central Bureau of Investigation (CBI) has arrested two individuals, including a Senior Manager of Punjab National Bank (PNB), in connection with a scam involving an Indore-based company and the Madhya Pradesh Jal Nigam Limited (MPJNL).

According to CBI, the Indore-based firm had secured three large irrigation projects worth Rs 974 crore in 2023 from MPJNL by submitting eight fake bank guarantees, purportedly issued by PNB. The MPJNL initially received forged confirmation emails that appeared to be from the official domain of PNB. These fraudulent communications falsely confirmed the authenticity of the bank guarantees, which subsequently led to MPJNL approving the contracts.

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In a crackdown on June 19 and 20, the CBI conducted searches at 23 locations across five states, including New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh, following directives of the Madhya Pradesh High Court. The operation resulted in the arrest of two individuals from Kolkata, including a serving senior manager of Punjab National Bank.

Both the accused were presented before a local court in Kolkata and have been granted transit remand.

Preliminary findings suggest that a well-organised Kolkata-based syndicate has been actively engaged in fabricating and distributing fake bank guarantees to win lucrative government contracts across multiple states.

CBI sources confirmed that the investigation is still ongoing in the case.

Published By: Avijit Das Published On: Jun 21, 2025