Rs.183 Crore Fake Bank Guarantee Scam, Punjab National Bank Senior Manager Arrested
| ➡️ Get instant news updates on Whatsapp. Click here to join our Whatsapp Group. |
A big scam related to bank guarantee has been reported. The Central Bureau of Investigation (CBI) has taken strong action in a major scam involving fake bank guarantees worth ₹183.21 crore. As per the orders of the High Court of Madhya Pradesh, the CBI registered three separate cases on May 9, 2025. These cases are related to a large financial fraud where fake bank guarantees were submitted to the Madhya Pradesh Jal Nigam Limited (MPJNL) by a company based in Indore.
How the Scam Happened
In 2023, the Indore-based company was awarded three irrigation projects worth ₹974 crore by MPJNL. To support these contracts, the company submitted eight fake bank guarantees totaling ₹183.21 crore.
At first glance, these guarantees seemed valid because MPJNL received email confirmations that appeared to come from Punjab National Bank (PNB). However, it was later found that these emails were fake and sent using a false domain that looked like the official PNB email. Believing these fake confirmations, MPJNL went ahead and gave contracts worth nearly ₹1,000 crore to the company.
CBI’s Major Operation and Arrests
CBI launched a massive search operation on June 19 and 20, 2025, across 23 locations in five states – New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh. During these searches, two people were arrested, including a Senior Manager from Punjab National Bank based in Kolkata.
Both the arrested individuals were presented in a Kolkata court and will be taken to Indore under transit remand for further questioning.
So far, the investigation has revealed that a syndicate based in Kolkata was involved in creating and distributing fake bank guarantees to win government contracts in different states. The scam appears to be well-organized and planned.
The CBI’s investigation is still ongoing, and more details may emerge as they continue to collect evidence and question those involved.
More details will be released soon.
- Also Read: Lilavati Trust Files Rs.1,000 Crore Defamation Suit Against HDFC Bank CEO Sashidhar Jagdishan
