Archive · 23 Jan 2026
Mumbai EOW Arrests Duo in ₹23.75 Crore Fraud
The police in Mumbai have arrested two people for a big fraud.
They tricked a company called Welspun DI Pipes Ltd by showing fake promises from a bank that they would pay for pipes.
The two men, Maheshbhai Kumbhani and Gaurav Pradeep Dhakad, are directors of another company called Tirth Gopicon Ltd.
They used these fake promises to get pipes worth ₹89.10 crore on credit.
But they didn't pay ₹23.75 crore of it.
The police found out because the bank said the promises were fake.
The two men had done something similar before, and the police are still investigating to find out more.
Mumbai EOW arrested Maheshbhai Kumbhani and Gaurav Pradeep Dhakad for a ₹23.75 crore fraud involving forged bank guarantees.
The accused used fake bank guarantees to obtain ductile iron pipes worth ₹89.10 crore on credit from Welspun DI Pipes Ltd.
The fraud was detected in May 2025 when the bank denied issuing the guarantees, confirming they were forged.
The accused had a history of similar frauds, with Kumbhani previously involved in a ₹184 crore fraud case.
The EOW is investigating the role of bank officials and the wider network behind the fraud.
- Who
- Maheshbhai Kumbhani and Gaurav Pradeep Dhakad, directors of Tirth Gopicon Ltd
- What
- Arrested for cheating, forgery, and criminal conspiracy involving forged bank guarantees
- When
- FIR registered in 2025, fraud occurred between March 4, 2023, and March 24, 2025
- Where
- Mumbai, Indore, Madhya Pradesh
- Why
- To fraudulently obtain goods on credit from Welspun DI Pipes Ltd using forged bank guarantees
- Victim Company
- Welspun DI Pipes Ltd
- Accused Company
- Tirth Gopicon Ltd
- Accused Individuals
- Maheshbhai Kumbhani, Gaurav Pradeep Dhakad
- Fraud Amount
- ₹23.75 crore
- Forged Bank Guarantees
- ₹12.50 crore and ₹20 crore
- Fraud Duration
- March 4, 2023 - March 24, 2025
- Bank Involved
- Punjab National Bank (PNB)
- Investigating Agency
- Economic Offences Wing (EOW), Mumbai