The Central Bureau of Investigation (CBI) has arrested two individuals, including Govind Chandra Hansda, a senior branch manager at Punjab National Bank (PNB), in connection with a Rs 183.21 crore counterfeit bank guarantee scam involving irrigation projects in Madhya Pradesh.
The accused, including Mohammed Firoz Khan from Kolkata, were apprehended following a comprehensive search operation covering 23 locations across five states — Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh. The operation began Thursday and continued into Friday.
The scam surfaced after allegations that Teerth Gopicon Limited, an Indore-based company awarded three irrigation contracts valued at Rs 974 crore in 2023, submitted fraudulent bank guarantees worth Rs 183.21 crore to the Madhya Pradesh Jal Nigam Limited (MPJNL).
The Madhya Pradesh High Court transferred the investigation to the CBI, which has now registered a formal case and taken custody of the accused. The probe continues to unravel the workings of this inter-state gang involved in fabricating bank guarantees to secure government projects.
