New Delhi, June 21- The Central Bureau of Investigation has arrested two people, including a senior manager of Punjab National Bank, in a financial fraud case related to fake bank guarantees of Rs 183.21 crore. The action has been taken in connection with a scam involving the Indore-based company and Madhya Pradesh Jal Nigam Limited (MPJNL).
According to the CBI, an Indore-based company had secured three major irrigation contracts from MPJNL by submitting eight fake bank guarantees allegedly issued by PNB in ??the year 2023. Its total value is Rs 974 lakh.
To secure the project, the company submitted eight fake bank guarantees totaling Rs 183.21 crore. During the verification process, MPJNL received emails from the official domain of PNB regarding the confirmation of the guarantee on the basis of which MPJNL sanctioned the contracts.
However, these were later found to be fake.
After the fraud case came to light, the CBI initiated action on the directions of the Madhya Pradesh High Court. Under this, on June 19 and 20, the investigating agency conducted searches at 23 locations in five states including New Delhi, West Bengal, Gujarat, Jharkhand and Madhya Pradesh.
During this raid, two people were arrested from Kolkata, including a senior manager of Punjab National Bank. Both were earlier produced before a local court in Kolkata and are now being brought to Indore on transit remand.
Initial investigation has revealed that a gang from Kolkata is involved in the entire case, which is also involved in making and distributing fake bank guarantees to get government contracts in several other states. The investigation into the case is still ongoing.