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.”