Who is Madhav Patel? Madhav Patel is a charismatic young and dynamic business owner who was born to Indian parents in Iran and educated in one of the top most schools of New Delhi. Soon after completion of his education Madhav Patel joined his father’s company who was then operating his trading in Sharjah. After the fall of Shah in 1979, Madhav’s father Bhagubhai Motilal Patel left Middle East and established a new business in the name of Hamco Group in India. Hamco Group is preliminarily dealing with scrap metals and exporting scrap to various parts of the world including Dubai and Britain. At the same time, Madhav Patel planned his own business and started as a moderate level smelting company in the name of Solo Industries in Sharjah.
Solo Industries usually supply aluminium alloys to various industries. And through his trading partnership with various shipping companies and exporters from around the world, gradually Solo Industries gained reputation as one of the most dynamic companies in Dubai. Even this portfolio of Madhav Patel brought him many attention of global blue chip banks which extended a huge term of cooperation in terms of Letter of Credit for his export business. What actually happened to Madhav Patel?
At a time due to certain internal constrains, Solo Industries collapsed. This was the time when it is alleged that his father BM Patel withdrew all support from Madhav and event duped his son Madhav Patel for a large sum of credits. Madhav, who was operating as a legitimate businessman for over two decades, has no idea how to come out of such a turbulent situation. He discussed and assured the bankers who were extending him letter of credits, to repay their dues which were in the name of Solo Industries. Unfortunately Madhav Patel’s reputation as a good businessman hampered and other banks started withdrawing him support