Mumbai Police Crackdown: Gang Creating Fake Bank Guarantees Busted

Mumbai police have unearthed a massive fake bank guarantee scam worth over ₹200 crores, arresting Mukesh Trivedi, 44, a resident of Borivli East. The accused is allegedly part of a nationwide gang that duped multiple victims using counterfeit bank documents, with other gang members still on the run.

The investigation began after a 65-year-old businessman in the pharmaceutical industry filed a complaint with the MHB Colony police station. The complainant alleged he was conned into supplying medicines worth ₹5.5 crores based on a fraudulent bank guarantee of ₹20 crores from a supposed London-based entity, “Point Bank Limited,” through the State Bank of India (Surat branch).

In September 2023, the victim met Vikas Sharma, an associate of the gang, who claimed to represent a Surat-based company, Prizam Alliance Pvt Ltd. Sharma introduced Trivedi as the CEO and assured the victim of payment within 90 days for the supplied medicines. However, the payment never materialized, and upon scrutiny, the bank guarantee documents were found to be fake.

Police raided Trivedi’s residence and seized forged documents linked to other gang members: Vikas Sharma, Bablu Kumar Pathak, Gajanand Sharma, Rahul Kumar Chudasama, and Raghunathan Sundrarajan. Trivedi and Sharma are identified as the masterminds of the operation.

Further investigation revealed the gang had defrauded several businesses across India. Cases involving similar modus operandi have been registered in multiple states, with authorities intensifying their efforts to apprehend the remaining suspects.

“Trivedi is in custody, and we are working tirelessly to locate the other accused still at large,” a police official stated.

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