CBI arrests company’s MD in Rs 183 cr fraud case

PrashantNews

The Central Bureau of Investigation (CBI) has arrested Mahesh Kumbhani, the Managing Director of an Indore-based private company, in a ₹183 Crore alleged fake bank guarantee Scam, officials said.

CBI registered three separate cases following directions from the High Court of Madhya Pradesh. These cases pertain to a major financial fraud involving the submission of forged bank guarantees by the Indore-based company Teerth Gopicon to the Madhya Pradesh Jal Nigam Limited (MPJNL).

It was alleged that in 2023, the company secured three irrigation projects in the districts of Chhatarpur, Sagar, and Dindori, Madhya Pradesh, with a total value of ₹974 crore. To support these contracts, the company submitted eight fake bank guarantees worth ₹183.21 crore. On the strength of these forged guarantees, it also received approximately ₹85 crore as mobilization advances from MPJNL.

During the initial verification, MPJNL received fraudulent email responses impersonating the official domain of Punjab National Bank (PNB), falsely confirming the authenticity of the bank guarantees. Relying on these false confirmations, MPJNL awarded three contracts worth ₹974 crore to an Indore-based private company.