More Stories

Informist, Friday, Jun. 20, 2025

 

NEW DELHI – The Central Bureau of Investigation has arrested two individuals, including a senior manager of Punjab National Bank, in a case related to fake bank guarantees of INR 1.83 billion by an Indore-based company, the probe agency said Friday.

 

The CBI arrested the two individuals from Kolkata after conducting searches at 23 locations across five states. The arrests have been made in a case involving financial fraud around the submission of forged bank guarantees by the Indore-based company to the Madhya Pradesh Jal Nigam Ltd.

 

The company had secured three irrigation projects worth INR 9.74 billion from the Madhya Pradesh government-owned company in 2023. "To support these contracts, eight fake bank guarantees valued at Rs. 183.21 crores (INR 1.83 billion) were submitted," the CBI said in a release.

 

Madhya Pradesh Jal Nigam had received fraudulent email responses impersonating the official domain of Punjab National Bank, falsely confirming the authenticity of the bank guarantees. It awarded three contracts based on these confirmations.

 

"The investigation so far has revealed that a Kolkata-based syndicate has been systematically fabricating and circulating fake bank guarantees to secure government contracts across multiple states," the CBI said. "Further investigation is still on."  End

 

Reported by Shubham Rana

Edited by Saji George Titus

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.