🟡 Quick Highlights
🔒 ₹183.21 crore worth fake bank guarantees uncovered
👮♂️ CBI arrests PNB senior manager and Kolkata-based individual
🏗️ Contracts valued at ₹974 crore awarded on forged documents
🧾 Forged PNB emails used to fool Madhya Pradesh Jal Nigam
🌍 Raids across 23 locations in 5 states
🔍 Inside the Scam: What Happened?
In a high-profile investigation, the Central Bureau of Investigation (CBI) has busted a ₹183.21 crore fake bank guarantee scam involving Punjab National Bank (PNB) and a Kolkata-based fraud network.
According to the CBI, a firm based in Indore managed to secure three irrigation contracts worth ₹974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) by submitting eight forged bank guarantees—allegedly backed by fake email confirmations from PNB.
👤 Who Was Arrested?
“The CBI arrested Govind Chandra Hansda, Senior Manager at PNB, and Mohammed Firoz Khan from Kolkata for their roles in this well-organized fraud.” – Official CBI Statement
Both accused were produced in court and are now being transferred to Indore for further interrogation.
🧠 How the Scam Unfolded
The fake guarantees were discovered during routine verification, prompting MPJNL to escalate the matter to the Madhya Pradesh High Court, which ordered a CBI probe.
The agency then filed three FIRs on May 9, 2025.
On June 19–20, 23 coordinated raids were conducted across:
Madhya Pradesh, West Bengal, Gujarat, Jharkhand, New Delhi
Initial findings indicate the use of a forged email chain impersonating PNB officials to bypass standard verification processes.
⚠️ Implications for the Banking Sector
This case highlights serious systemic vulnerabilities in verifying bank guarantees, especially within public sector banks. It also sheds light on how sophisticated fraud rings are leveraging digital methods to exploit government procurement systems.
📌 What’s Next?
The CBI is expanding its investigation into:
Involvement of other bank staff or intermediaries
Usage of similar forged documents in other tenders
The origin of the forgery mechanism from Kolkata-based syndicates
🧾 Conclusion
The exposure of this scam is a wake-up call for both public agencies and financial institutions. The CBI’s swift action in uncovering such a multi-crore financial fraud sets a precedent for stricter due diligence and transparency in public sector dealings.