CBI action in fake bank guarantee scam: The Central Bureau of Investigation (CBI) has arrested two people, including a senior manager of Punjab National Bank (PNB) in a fake bank guarantee scam of Rs 183.21 crore, exposing a major financial scam in the country. In this case, the CBI had registered three separate cases on 9 May 2025 on the direction of Madhya Pradesh High Court.
This scam is associated with submission of fake bank guarantee of Rs 183 crore to Madhya Pradesh Jal Nigam Limited (MPJNL) by a private company in Indore. In the year 2023, this company was handed over three irrigation projects worth about Rs 974 crore from the Water Resources Department. To achieve these projects, the company presented eight fake bank guarantee documents.
According to the CBI investigation, MPJNL received emails in the name of Punjab National Bank to confirm these fake guarantee documents. In these emails, the bank guarantee was described as valid, but later the investigation revealed that the emails were sent after copying the official domain of PNB. On the basis of these fake emails, MPJNL handed over contracts worth about Rs 974 crore to the said company.
Seeing the seriousness of this scam, the CBI conducted a big search operation across the country on 19 and 20 June 2025. During this period, a total of 23 locations in five states including Delhi, West Bengal, Gujarat, Jharkhand and Madhya Pradesh were raided. During this action, two people were arrested from Kolkata, including a senior bank manager.
CBI officials said that both the arrested accused were produced in the local court of Kolkata, from where they have been allowed to send them to Indore on transit remand.
This disclosure made in investigation so far
The CBI investigation has also revealed that this is not a single incident. An organized gang operating in Kolkata was preparing fake bank guarantee documents to acquire government contracts in various states and was resorting to fake email and bank communication to make them valid. This scam can also affect the ongoing government projects in many states.
What is the next step?
The CBI is currently investigating this syndicate in depth and it is being ascertained who else is connected to this racket. There is a possibility that more arrests may occur in the coming days.
This scam is not just financial fraud but a matter related to government resources and interests of citizens. This not only raises questions on the credibility of government institutions, but also increases the risk of completion of projects.