Fake Bank Guarantee Scam Unraveled: Borivli Man Arrested in Multi-Crore Fraud

Borivli, Mumbai: The MHB Colony police have successfully dismantled a major gang responsible for defrauding individuals and companies across India with counterfeit bank guarantees. The gang, which has reportedly caused losses worth over Rs 200 crore, has been operating under the guise of legitimate business transactions.

Key member Mukesh Trivedi, a 44-year-old Borivli East resident, was arrested after a complaint was filed by a 65-year-old businessman from the healthcare sector. According to the victim, he had been duped into believing he had received a legitimate Rs 20 crore bank guarantee from the State Bank of India (Surat branch), via a London-based ‘Point’ Bank Limited. After supplying medicines worth Rs 5.5 crore, the businessman discovered months later that the guarantee was fake, leading to an investigation that unraveled a web of similar scams.

Police have also identified accomplices Vikas Gajanand Sharma, Bablu Kumar Pathak, Gajanand Sharma, Rahul Kumar Chudasama, and Raghunathan Sundrarajan, with other gang members still at large. The group exploited victims by luring them into false business agreements, issuing fake guarantees, and then absconding with the funds. Authorities are now focusing their search on the remaining suspects.

This bust highlights the widespread nature of this scam, with cases being registered across various states, all linked to Trivedi and Sharma, the alleged masterminds of the fraudulent operation.