The CBI has been investigating the case for several months after receiving a complaint from the Punjab National Bank regarding discrepancies in the issuance of bank guarantees for irrigation projects in Madhya Pradesh. The investigation revealed that Govind Chandra Hansda, in collusion with Mohammed Firoz Khan, had facilitated the submission of forged bank guarantees worth ₹183 crore on behalf of various companies.
The forged bank guarantees were used to secure contracts for irrigation projects in Madhya Pradesh, leading to a loss of crores of rupees to the state exchequer. The CBI conducted raids at multiple locations and gathered evidence linking the two accused to the fraud.
The agency has also identified several other individuals involved in the scam and is conducting further investigations to unravel the entire network of individuals and companies involved in the fraudulent activities. The CBI has stated that strict action will be taken against all those found guilty of defrauding the government and causing financial losses.
The arrests of Govind Chandra Hansda and Mohammed Firoz Khan highlight the need for stricter vigilance and oversight in the banking sector to prevent such fraudulent activities. The CBI has urged banks and financial institutions to verify the authenticity of documents submitted by individuals and companies to prevent such scams in the future.
The Punjab National Bank has assured cooperation with the CBI in the investigation and has stated that it is committed to maintaining the highest standards of integrity and transparency in its operations. The bank has also initiated an internal inquiry to identify any lapses in its processes that may have allowed the fraud to take place.
The CBI has urged the public to remain vigilant and report any suspicious activities to the authorities to prevent financial frauds. The agency has also assured that it will continue to crack down on individuals and entities involved in fraudulent activities to maintain the integrity of the financial system.
