PNB Manager Held As CBI Busts Rs 183 Cr Bank Guarantee Scam- Here’s How A Fake Email Won Rs 974 Cr Projects

In a significant crackdown on financial fraud, the Central Bureau of Investigation (CBI) has exposed a massive Rs 183.21 crore fake bank guarantee scam involving an Indore-based company and a wider interstate syndicate. The agency registered three cases on May 9, 2025, following orders from the Hon’ble High Court of Madhya Pradesh.

According to the official release, “The Central Bureau of Investigation (CBI) has registered three separate cases on 09.05.2025 following directions from the Hon’ble High Court of Madhya Pradesh. These cases involve a major financial fraud centered around the submission of forged bank guarantees to the tune of Rs. 183.21 crores by an Indore-based company, to the Madhya Pradesh Jal Nigam Limited (MPJNL).”

Fraudulently Won Rs 974 Crore in Projects Using Fake PNB Guarantees
The scam reportedly enabled the company to bag three irrigation contracts worth Rs 974 crore from the Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023. To secure these deals, eight forged bank guarantees, allegedly from Punjab National Bank (PNB), were submitted.

Shockingly, MPJNL received fake confirmation emails crafted to appear as if they originated from the official PNB domain. Based on these falsified verifications, the public agency proceeded to award the contracts.

Nationwide Raids Unearth Kolkata-Based Forgery Syndicate
On June 19 and 20, the CBI conducted coordinated searches at 23 locations across five states, Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh, resulting in the arrest of two individuals from Kolkata. One of them is a senior manager from Punjab National Bank.

The agency confirmed, “Both individuals were produced today before the local jurisdictional court in Kolkata and will be brought to Indore on transit remand.”

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CBI: Scam Not Isolated, May Be Part of Wider Government Tender Fraud
Investigators believe this could be part of a larger conspiracy to dupe government agencies across states. “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 stated.

The agency has said further investigation is underway to identify other co-conspirators, including government officials and private entities, who may be involved in the racket.