Court Reviews CBI’s Latest Report in Teerth Gopicon Bank Guarantee Matter

The Central Bureau of Investigation (CBI) has submitted its much-anticipated report to the Madhya Pradesh High Court, following an intensive probe into Teerth Gopicon Limited’s alleged submission of ₹183 crore in fake bank guarantees for major irrigation projects. This high-profile case has sent shockwaves through India’s infrastructure and banking sectors, given the scale and interstate nature of the fraud.

 

Key Highlights:

 

Scam Unveiled: Teerth Gopicon Limited, awarded three irrigation contracts worth ₹974 crore by Madhya Pradesh Jal Nigam Limited (MPJNL) in 2023, allegedly submitted eight forged bank guarantees totaling ₹183.21 crore. The scam was uncovered after MPJNL received fraudulent email confirmations, impersonating Punjab National Bank, which falsely validated the guarantees.

 

CBI Action: Acting on the High Court’s directive, the CBI arrested two key suspects—Govind Chandra Hansda, a senior PNB manager, and Mohammed Firoz Khan from Kolkata—after raids across five states. The investigation revealed a Kolkata-based syndicate systematically fabricating bank guarantees to secure government contracts in multiple states.

 

Court Proceedings: Teerth Gopicon, maintaining its innocence, proactively filed complaints, cooperated with authorities, and sought judicial relief. The company applied for an extension to submit fresh guarantees until the CBI findings were finalized, with the court instructing the CBI to file its report by June 30.

 

Industry Impact: The scandal has intensified scrutiny on public project contracting and financial due diligence, with stakeholders watching closely for the court’s next move and potential industry-wide reforms.

 

This case is now at a crucial juncture, with the court’s assessment of the CBI’s findings set to determine the future of Teerth Gopicon’s contracts and broader sectoral safeguards.

 

Sources: Economic Times, Times Now, Rediff, Teerth Gopicon Ltd. Corporate Update