High-Stakes Fraud: CBI Arrests Key Figures in ₹183 Crore Scam

The CBI detained two individuals, including Teerth Gopicon's managing director, for an alleged ₹183 crore scam involving fake bank guarantees to secure irrigation projects in Madhya Pradesh. The inquiry unveiled a Kolkata-based syndicate fabricating guarantees. Key arrests were made, including a PNB manager, in connection to the elaborate scheme.

The Central Bureau of Investigation (CBI) has apprehended two individuals, including Mahesh Kumbhani, the managing director of Teerth Gopicon, over an alleged ₹183 crore scam. The fraud involved securing irrigation projects via fake bank guarantees, officials revealed on Tuesday.

Kumbhani and another involved party, Gaurav Dhakad, orchestrated the procurement of contracts in Chhatarpur, Sagar, and Dindori districts in Madhya Pradesh. The contracts, valued at ₹974 crore, were awarded based on eight fake bank guarantees worth ₹183.21 crore, claims the CBI.

The investigation exposed a Kolkata-based syndicate crafting false guarantees to gain government contracts nationwide. Further, fraudulent confirmations from a forged Punjab National Bank domain duped Madhya Pradesh Jal Nigam Limited into awarding the contracts.