Kolkata: The Central Bureau of Investigation (CBI) has arrested two persons, including a senior manager of the Punjab National Bank (PNB), in a major financial fraud case.
According to officials, the matter involves forged bank guarantees worth Rs 183.21 crore. It also involves an Indore-based private company and the Madhya Pradesh Jal Nigam Limited (MPJNL). On June 19 and 20, the CBI conducted searches at 23 locations across five states, including New Delhi, West Bengal, Gujarat, Jharkhand, and Madhya Pradesh, following directives of the Madhya Pradesh High Court.
According to the CBI, the Indore-based firm had secured three large irrigation projects worth Rs 974 crore in 2023 from MPJNL. This it did by submitting eight fake bank guarantees, purportedly issued by PNB.
The MPJNL initially received forged confirmation emails that appeared to be from the official domain of PNB. These fraudulent communications falsely confirmed the authenticity of the bank guarantees, which subsequently led to MPJNL approving the contracts.
During investigation, the senior bank manager’s involvement came to light. He was arrested in Kolkata along with another person and produced before a court that granted CBI transit remand.
The agency has come to know that a well-organised Kolkata-based syndicate has been actively engaged in fabricating and distributing fake bank guarantees to win lucrative government contracts across multiple states.
Further investigation is underway to crack this racket.
