Charkop police arrested four individuals involved in a high-profile financial fraud, duping a Mumbai infrastructure firm of Rs 4.32 crore using fake bank guarantees worth Rs 38 crore. The accused allegedly promised guarantees for government contracts, but verification revealed them to be forged
Prime accused Jai Doshi and Brijesh Bhutta remain absconding. REPRESENTATION PIC/ISTOCK
The Charkop police have arrested four individuals in a high-profile financial fraud case involving bogus bank guarantees worth Rs 38 crore. The accused allegedly defrauded a Mumbai-based infrastructure company of Rs 4.32 crore in a calculated conspiracy.
According to police, the complainant company, which undertakes government contracts in road, dam, and canal construction, had recently secured a railway cross-line project in Bengaluru requiring a bank guarantee of Rs 34 crore. Since its credit limit with the bank had expired, the firm was introduced to an agent, Jai Doshi, who along with his associate, Brijesh Bhutta, promised to arrange the guarantee.
As per the statement given to the police by the company’s PRO, “An initial meeting was held at a Charkop-based hotel, where Doshi demanded a commission of Rs 4.5 crore for providing a Rs 38 crore bank guarantee. Between July 4 and July 7, the company transferred Rs 4.32 crore through multiple RTGS transactions into an account linked to the accused. In return, the firm was handed a guarantee purportedly issued by a Pune-based nationalised bank. However, upon verification, the Railways found it to be fake.”
When confronted, Doshi and Bhutta assured the company they would replace the document and later provided two more guarantees allegedly issued by another nationalised bank in Mira Road. Both were again confirmed to be forged. Police said the accused had also created similar fake guarantees for other firms to fraudulently secure government contracts.
“The complainant then tried to contact Doshi and Bhutta, but their phones were unreachable. The company’s public relations officer finally approached the Charkop police station and lodged a complaint. Based on this, a case was registered under Sections 316(2), 318(4), 316(5), 338, 336(3), and 340(2) of the BNS and Section 61 of the IT Act,” said an officer from Charkop police station.
Acting on the complaint, and under the guidance of DCP Sandeep Jadhav (Zone XI) and Senior Inspector Vinayak Chauhan, Charkop API Rajendra Kumbhare and his team began the investigation and arrested four accused with the help of the detection team yesterday. Police have seized mobile phones from the accused and recovered WhatsApp chats and other digital evidence linked to the racket.
Confirming the arrests, Senior Inspector Vinayak Chauhan told mid-day, “Four accused have been arrested in this case. Further investigation is underway to trace the other accused.”
The arrested individuals were produced in court on Tuesday and remanded in police custody till August 29. Police are now probing the source of the fake stamp papers, the money trail, and possible involvement of other victims, while efforts are on to nab the absconding masterminds Doshi and Bhutta.
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