Ahmedabad: The Directorate of Enforcement (ED) has provisionally attached immovable properties worth ₹10.80 crore in connection with a ₹202.01 crore bank guarantee fraud involving M/s Teerth Gopicon Limited (TGL) and its promoters. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002.

The attached assets include nine properties, residential apartments and a commercial space, located in Indore, Madhya Pradesh, and Ahmedabad, Gujarat. According to the ED, these assets are linked to proceeds of crime generated through the alleged fraud.

The investigation pertains to the fabrication and submission of forged bank guarantees to government agencies, which were used to fraudulently secure advance payments amounting to over ₹202 crore from public funds.

The ED initiated the probe based on multiple FIRs registered by the Anti-Corruption Bureau, the Central Bureau of Investigation (CBI), Bhopal, and Rajasthan Police for offences including cheating, forgery, and criminal conspiracy under the Indian Penal Code.

As per the investigation, TGL, under its Managing Director Mahesh Kumbhani, allegedly conspired with several individuals, including bank officials, to create and submit fake bank guarantees purportedly issued by Punjab National Bank and Bank of Baroda. These guarantees were submitted to Madhya Pradesh Jal Nigam Maryadit (MPJNM) and Rajasthan Renewable Energy Corporation Limited (RRECL).

A key component of the fraud involved the use of a spoofed domain, “pnb-india.co,” designed to impersonate official Punjab National Bank email addresses. Fake verification emails were sent to government agencies to lend authenticity to the forged guarantees and facilitate the release of funds.

The ED further found that approximately ₹22.12 crore was diverted from TGL’s accounts to other bank accounts, including personal accounts of Mahesh Kumbhani, his wife Chandrikaben Kumbhani, and his son Pallav Kumbhani, without any legitimate business justification.

The funds were subsequently layered and routed through multiple transactions to conceal their origin before being invested in immovable properties in the names of the promoters and their family members.

In a parallel action, the CBI has arrested Mahesh Kumbhani, Mohd. Firoz Khan, Govind Chandra Hansda, Gaurav Dhakad, and Rahul Gupta. A chargesheet (No. 18/2025 dated September 16, 2025) has been filed before the Special CBI Court in Indore.

The ED said further investigation is underway to trace additional proceeds of crime, identify other individuals involved, and attach more assets linked to the case. DeshGujarat