The Directorate of Enforcement (ED), through its Headquarters Investigation Unit in New Delhi, has provisionally attached immovable properties worth approximately ₹10.80 crore under the Prevention of Money Laundering Act, 2002 in connection with an ongoing investigation into a large-scale fraud involving forged bank guarantees.
According to an official press release issued on April 17, 2026, the action has been taken against M/s Teerth Gopicon Limited (TGL) and its promoters for allegedly fabricating and submitting forged bank guarantees to government agencies to secure public funds.
The investigation was initiated based on multiple FIRs registered by the Central Bureau of Investigation (CBI), Bhopal, the Anti-Corruption Bureau, and Rajasthan Police. These FIRs pertain to offences including cheating, forgery, and criminal conspiracy under the Indian Penal Code, 1860, which are scheduled offences under the PMLA.
ED’s probe revealed that TGL, under the control of its Managing Director Mahesh Kumbhani, allegedly conspired with several individuals, including a senior official of Punjab National Bank, to create forged bank guarantees purportedly issued by Punjab National Bank and Bank of Baroda. These were submitted to Madhya Pradesh Jal Nigam Maryadit and Rajasthan Renewable Energy Corporation Limited to fraudulently obtain advance payments amounting to approximately ₹202.01 crore from public funds.
A key element of the alleged fraud was the use of a spoofed email domain, “pnb-india.co”, designed to mimic official bank communication channels. Fake verification emails were sent to government agencies to validate the forged guarantees.
The ED stated that proceeds of crime were routed through TGL’s accounts and diverted to personal accounts of the promoters and their family members, including Mahesh Kumbhani, his wife Chandrikaben Kumbhani, and son Pallav Kumbhani. Around ₹22.12 crore was allegedly siphoned off and later layered and invested in immovable properties located in Indore, Madhya Pradesh, and Ahmedabad, Gujarat.
The CBI has already arrested key accused individuals and filed a chargesheet before a special court in Indore in September 2025. The properties attached include nine immovable assets such as residential apartments and a commercial space.
The ED confirmed that the total proceeds of crime identified so far stand at approximately ₹202.01 crore, and further investigation is ongoing to trace additional assets and individuals involved.