Steel trader duped of Rs 3 cr by 3 impostors

The accused posed as JSW Steel employees and offered to sell Borivli businessman steel products at low prices, but disappeared after getting the money; cops trying to trace triou00a0 The Borivli police yesterday booked three persons who duped a businessman of over Rs 3.11 crore after promising to sell him steel alloy worth the amount. The accused, who are absconding, have been identified as Raghavendra alias Raju, Manish Gandhari and Hanumant Rao.According to the police, the fraudulent transaction took place between November 3 and November 20 at an office located in Victory Park in Roshan Nagar area of Chandavarkar Road in Borivli (West).The police said that the trio approached the complainant Bhavin Arvind Shah (30), a resident of Borivli (West), posing as representatives of JSW Steel Ltd. They lured Shah, who is the proprietor of Bhavin Steel Pvt Ltd by promising to give him steel products for Rs 3, 11,85,050, which they claimed would be available at much higher rates in any other place. Impressed with the offer, Shah accepted it. The accused then asked him to deposit the cash with them, so the transaction could be completed.Shah did not suspect any foul play as the three men claimed to be from a company that is renowned all over the world. Shah accepted the terms and made the payment through Real Time Gross Settlement (RTGS). The money was transferred to an Andhra Bank account, said a senior police officer of Borivli police station.A few days after the transaction, Shah tried to get in touch with the three, but their phone numbers were unreachable. He then went to their office where he had met them, but found it to be locked.The accused suspected foul play and checked with the bank to find out about the accountu00a0 in which he had transferred the money, but came to know that it was fake. He then lodged a complaint with us. We have booked the trio on charges of cheating. We are trying to trace them. We suspect that the names given by the accused could also be false. Further investigations are on, said Bhagwan Chate, senior inspector of Borivli police station.