Central Bureau of Investigation (CBI) has arrested the Managing Director of an Indore-based private person
FinTech BizNews Service
Mumbai, September 9, 2025: The Central Bureau of Investigation (CBI) has arrested the Managing Director of an Indore-based private company and a private person in a Rs183 Crore Fake Bank Guarantee Scam, as per a press release issued by the CBI today.
CBI registered three separate cases following directions from the Hon’ble High Court of Madhya Pradesh. These cases pertain to a major financial fraud involving the submission of forged bank guarantees by an Indore-based company 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 Rs974 crore. To support these contracts, the company submitted eight fake bank guarantees worth Rs183.21 crore. On the strength of these forged guarantees, it also received approximately Rs85 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.
The arrested accused will be produced before the Special Magistrate, Indore Court.
