Police said that the accused had even forged a letter of credit, which he claimed was issued by a bank to convince the complainant to supply them steel on credit. (Representational image) The Pydhonie police recently arrested a 33-year-old businessman from Jaipur for allegedly duping a city-based iron and steel manufacturer of Rs 4.05 crore. Police said that the accused had even forged a letter of credit, which he claimed was issued by a bank to convince the complainant to supply them steel on credit.
The arrested person has been identified as Jai Govind Dhamani (33) and was arrested from a hotel in Jaipur. Dhamani was brought to Mumbai on transit remand.
Police said that a complaint was filed in January, where the complainant — Kunal Girish Jain — said that he was introduced to Dhamani by a common broker. After due consultation from the broker, Jain started supplying steel coils to Dhamani’s company.
“Everything went smoothly till January 2019 as Dhamani would make payments on time,” said an officer. But in January 2019, he said that needed 558 metric tonnes of steel coils on 35-day credit.
“As they had already gained the complainant’s trust by making payments on time and as Dhamani’s company showed a clean record in the market, the complainant went to supply the steel coils. But Dhamani did not make the payment within the promised period and claimed that he was suffering from losses. He had then sought an extension of about one more month,” said an officer.
Despite this, Dhamani’s company requested the complainant to supply another 105 metric tonnes of steel coil to them. But the complainant insisted on payment before delivering the second order after which in an attempt to gain his trust, the accused through emails, sent him three Letter of Credit that he claimed was issued from the Jaipur branch of Karnataka Bank Limited.
“Jain, who was convinced as the letter of credit looked genuine after which he supplied another 105 metric tonnes of steel coil,” said an officer.
However, this time also as the money was not transferred to his account, Jain then reached Dhamani and his father, who are partners in the iron and steel company and asked them to come to Mumbai to resolve the payment issue.
“The complainant also hired a financial service broker firm to inquire into the incident after which it came to light that letter of credit was forged,” said an officer.
Jain then approached the Mumbai police and a case of cheating, forgery and conspiracy was registered. “Dhamani was produced in a court on Monday which remanded him in police custody till February 8. His father is yet to be arrested,” said an officer.
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