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Common Misconceptions About Madhav Patel There is a lot more confusion and misconceptions about Indiaorigin London businessman Madhav Patel. He has not only ruled the maritime business in Dubai and London port at one point of time, but also has built a strong rapport with his financial partners and bankers for over two decades. Most of his banking partners and global blue-chip banks. Considered doing business with Madhav a privilege. He has been one of the most important and priority customers of many Banks from India, Europe, Middle-East and UK for quite a long time. His presence in the board of Directors of shipping corporations, trading corporations and import/ export agencies offered a strong confidence boost to the clients as well as financial partners. But, there was a paradigm shift to his relation with his bankers at some point of time and thus arose many confusions and misconceptions about this young and jovial businessman. What really happened? Why everything changed all of a sudden? Where is Madhav now? Well, these questions may lead to answers by learning some of the common misconceptions about Madhav Patel.

Misconception Prime: Madhav Patel has vindictively tried to dupe banks: Many believe that Madhav has been planning for the largest fraud of the banking history in the 20th century. And some account the amount to be over 500 Million US Dollars that Madhav has swindled with his plans from different banks. The fact is something different. Madhav, though has taken loans from the bankers for running his business operation, he was in the good book of the banks for his honesty, loyalty and genuineness of the business. His deals were clear and on


papers, making him one of the most successful pillars of UAE economy. Letter of credits (LCs) are nothing new to the banks as they extend an advance assurance for a big transaction for their privileged customers. And Madhav has also taken LCs from the banks for some of his big deals in business. When LCs are issued by the banks, they take into account many things to support the LC demand. The deals were verified and crosschecked for their authenticity before granting the LC to the customers. Thus, when Banks allowed Madhav and his partner companies LCs they have verified all papers and transactions thoroughly for granting them. The issue of LCs are significant enough that Madhav Patel never tried to dupe the banks for dubious transactions.

Misconception secondary: Madhav Patel fled away: Madhav never fled away from the banks; rather he just changed his place of living after his own Solo Industry sustained major financial loss in Dubai. He moved to London, UK with his family and was in fact in contact with the banks. He also met his bankers in London and assured them to return his dues in due course of time. The decision of the banks to stop his accounts and inflow of funds was another set-back why Madhav may not have honoured his commitments to the banks. After all, a businessman earns from his business. And when some banks seize the accounts it’s obviously not possible to get sufficient funds to return to the banks. Analysing these situations it seems, Madhav has fall a victim to the statements of LCs by his banks and other financial partners. Had it been the other way round, Madhav would have completed his commitments and maintained his relations with the global blue-chip banks with his running business operations.

Common misconceptions about madhav patel  

Many believe that Madhav has been planning for the largest fraud of the banking history in the 20th century. And some account the amount to...

Common misconceptions about madhav patel  

Many believe that Madhav has been planning for the largest fraud of the banking history in the 20th century. And some account the amount to...

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