Look-Out Circulars Issued for Gajera Family in Major Fraud Case

Fraud Investigation in Surat

Surat, Feb 24: Look-out circulars have been issued for four members of the Gajera family in Surat, Gujarat, linked to an alleged fraud amounting to Rs 1,928.39 crore. Investigators are also examining potential financial ties between their business operations and fugitive diamantaire Mehul Choksi.

The circulars target Vasant, Chuni, Ashok, and Bakul Gajera, along with their nephew Rakesh Gajera and two associates, after police were unable to locate them at their homes or business locations.

Assistant Commissioner of Police (EOW), G A Sarvaiya, stated, "The accused have not been reachable, and their mobile phones are off, leading us to alert immigration authorities to prevent any attempts to flee the country. Look-out notices have been issued for all suspects. Currently, no arrests have been made, and we are exploring all possible connections."

This case originated from a complaint by businessman Pravin Agrawal, who claims that he and his family were defrauded of Rs 1,928.39 crore concerning Shanti Residency Private Limited and the development and sale of units in the Millennium-2 and Millennium-4 textile market complexes in Surat.

Agrawal alleges that his family's shareholding was unlawfully reduced from 43 percent to 4.2 percent through forged documents and unauthorized changes in company records.

He also claims that the proceeds from the sale of numerous shops were not accurately reported.

The case registration followed directives from the Gujarat High Court, which recently instructed Surat Police Commissioner Anupam Singh Gahlaut to take appropriate action on the complaint after the petitioner reported delays.

Additionally, earlier this year, officials from the Income Tax Department conducted searches at locations associated with the Gajera group's real estate and diamond businesses.

Sources close to the investigation indicated that these searches were prompted by information regarding significant cash transactions and questionable financial activities that are now part of a broader inquiry.

Investigators are also looking into reported business relationships between firms associated with Vasant Gajera and Mehul Choksi, who is wanted in India for his involvement in the Rs 12,000 crore Punjab National Bank fraud case.

Officials noted that these suspected connections are part of the financial trail under investigation, although no direct findings have been disclosed publicly.

Police teams have been deployed to various locations within Gujarat and beyond to locate the accused.

The Gajera family has not publicly commented on the allegations, and the investigation is ongoing.