New Delhi: The Directorate of Enforcement (ED), Headquarters Investigation Unit, has provisionally attached immovable properties worth approximately ₹10.80 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation into a large-scale fraud involving forged bank guarantees.
The case pertains to Teerth Gopicon Limited (TGL) and its promoters, who are accused of fabricating and submitting fake bank guarantees to government agencies in order to fraudulently obtain public funds. The ED initiated its investigation based on multiple FIRs registered by the Anti-Corruption Bureau, the Central Bureau of Investigation (CBI), Bhopal, and Rajasthan Police under various sections of the Indian Penal Code related to cheating, forgery, and criminal conspiracy.
According to the investigation, TGL, under the control of its Managing Director Mahesh Kumbhani, in alleged conspiracy with several individuals including Rakesh Jagirdar, Gaurav Dhakad, Rahul Gupta, Mohd. Firoz Khan, and Govind Chandra Hansda, a senior branch manager at Punjab National Bank, fabricated forged bank guarantees purportedly issued by Punjab National Bank and Bank of Baroda. These were submitted to government agencies such as Madhya Pradesh Jal Nigam Maryadit (MPJNM) and Rajasthan Renewable Energy Corporation Limited (RRECL).
These forged instruments were used to fraudulently secure advance payments amounting to approximately ₹202.01 crore from public funds. A key element of the conspiracy involved the use of a spoofed email domain, “pnb-india.co”, designed to mimic official Punjab National Bank email addresses. Fraudulent verification emails were sent to deceive government agencies into releasing funds against the fake guarantees.
The ED found that proceeds of crime generated through these fraudulent advances were credited into accounts of TGL and subsequently diverted. Approximately ₹22.12 crore was transferred from TGL’s primary accounts into other accounts held by the company and into personal bank accounts of Mahesh Kumbhani, his wife Chandrikaben Kumbhani, and his son Pallav Kumbhani, without any legitimate commercial explanation. The funds were then layered and intermingled to conceal the trail and invested in immovable properties in Indore (Madhya Pradesh) and Ahmedabad (Gujarat), registered in the names of the promoters and their family members.
The provisionally attached properties include nine immovable assets, comprising residential apartments and a commercial property located in Indore and Ahmedabad. The total proceeds of crime identified in the case so far stand at approximately ₹202.01 crore.
The Central Bureau of Investigation has already arrested Mahesh Kumbhani, Mohd. Firoz Khan, Govind Chandra Hansda, Gaurav Dhakad, and Rahul Gupta, and filed a chargesheet before the Special CBI Court in Indore on September 16, 2025.
The ED stated that further investigation is ongoing to trace additional proceeds of crime, identify other persons involved in the laundering process, and locate further assets liable for attachment.
Reiterating its commitment, the agency said it will continue to take stringent action against economic offences, particularly those involving fraud against government agencies and laundering of public funds, which undermine economic integrity and public resources.
