Mumbai exporter dupes Kyrgyzstan firm of Rs 17 cr; EOW arrests three
Ali, through his friend in Gurgaon, Rohit Sharma's reference, came across a Mumbai based company – Royal Agro Mart Ltd owned by Kashinath Jadhav.
5 min read
The arrested accused Parth Kashinath Jadhav (26), Kashinath Pandurang Jadhav (63) and Ambarnath resident Vikas Gaikwad (52) live in Agripada. They were arrested on the complaint of Amir Ali (37) owner of an import-export company in Delhi and general secretary of Association of International Businessmen (AIB).
The Economic Offences Wing (EOW) of Mumbai police have arrested three people including the director and authorised representative of a Mumbai based export company, for allegedly duping a Kyrgyzstan based company and a Delhi businessman to the tune of Rs 17 crore.
The accused company, under the pretext of exporting sugar to the Kyrgyzstan company, accepted advance and then neither supplied the sugar nor returned the advance money, thus cheating the Kyrgyzstan company and also allegedly maligning the nation’s reputation in the international market.
The arrested accused Parth Kashinath Jadhav (26), Kashinath Pandurang Jadhav (63) and Ambarnath resident Vikas Gaikwad (52) live in Agripada. They were arrested on the complaint of Amir Ali (37) owner of an import-export company in Delhi and general secretary of Association of International Businessmen (AIB).
As per Ali’s police complaint, Iskendar Ullo, a Kyrgyzstan based businessman and a friend of Ali, visited Ali’s Delhi office in May 2022 and told him about scarcity of sugar in his country Kyrgyzstan. Ullo told Ali that his friend Z Kochkorbek’s company KG Invest was looking for an exporter to urgently transport 12,000 metric tonne (MT) sugar to them.
Ali, through his friend in Gurgaon, Rohit Sharma’s reference, came across a Mumbai based company – Royal Agro Mart Ltd owned by Kashinath Jadhav.
Upon research, Ali and Iskendar found that Royal Agro Mart Ltd had a turnover of Rs 700 crore. Thereupon, KG Invest gave a green signal for trade with the company and authorised Ali and Iskendar for striking the deal, the police said. Ali and Iskendar visited Mumbai on May 17, 2022, and met Kashinath, his son Parth and Vikas Gaikwad at their Mahalaxmi office.
Ali and Iskendar were told that Kashinath was the authorised representative of Royal Agro Mart, while Parth and Madhuri More were company directors. They claimed they exported sugar and rice in large quantities and could export 12,000 MT sugar to the Kyrgyzstan company in just 15 days. They showed them samples, and took the two to Tatyasaheb Kore Warna Sugar Factory in Kolhapur and showed them the sugar stock at the godown.
They also told them they would take 50% payment in advance and the rest after delivery, the police complaint said. After KG Invest approved purchase of 12,000 MT sugar, Parth and Jadhav sent the sales and purchase contract agreement to Ali and Iskendar on May 19.
As per the FIR, on May 20, KG Invest paid $30,00,000 (equivalent to Rs 24 crore) to Royal Agro Mart, but they did not send the sugar consignment to Kyrgyzstan.
Upon inquiring, Jadhav told them that hurdles had emerged in exporting the sugar as the Government of India had mandated that all export of sugar between June-October 2022 would be done through the Sugar Directorate (under GoI).
When on September 16, the Kyrgyzstan firm cancelled the deal and demanded a refund, Jadhav’s company responded saying they would refund the money in three installments. They refunded $10,00,000 (equivalent to Rs 7 crore) on September 10, but did not refund the rest amounting to Rs 17 crore, Ali stated in the FIR.
When GoI’s restrictions on sugar export were lifted, Ali suggested that Kashinath export the sugar, upon which the latter claimed a shortage of sugar. When Ali referred a sugar supplier to Kashinath, he failed to deal with the supplier, prompting Ali, Iskendar and the Kyrgyzstan company to suspect that Jadhav had no intention of doing legitimate business with them, an EOW source said.
A complaint was lodged against Jadhavs and Royal Agro Mart with the Additional Director of Foreign Trade, Mumbai.
“Jadhavs claimed before the government body that they could not bear the fluctuations in the currency rates. But the body was not convinced and observed that the dealing of Royal Agro Mart was maligning India’s reputation, and ordered them to refund the entire money immediately,” said an EOW officer.
Despite the order, the Jadhavs failed to refund the money, and instead bought an office in Mahalaxmi, paid off loans and invested money in other businesses, Ali alleged in the FIR.
After this Ali and Iskendar approached the police and filed a complaint against Jadhavs. The EOW’s unit-6 acted swiftly and arrested the three accused on Wednesday from their Mahalaxmi office.
A probe revealed that Jadhav had nine such fraud cases registered against him, and Gaikwad had one case against him. They have been charged, along with other accused, under sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or banker, or merchant or agent), 420 (cheating), and 120 B (criminal conspiracy) of Indian Penal Code.
You May Like
