Surat Police Issue Look-Out Circulars in Massive Rs 1,928 Crore Fraud Case
In a significant development, Surat police have escalated their investigation into an alleged Rs 1,928 crore fraud case by issuing look-out circulars (LOCs) against key accused individuals. This action comes just one day after the filing of a First Information Report (FIR), highlighting the urgency and seriousness of the matter.
Targets of the Look-Out Circulars
The LOCs have been issued against the four Gajera brothers—Vasant, Chuni, Ashok, and Bakul Gajera—along with their nephew, Rakesh Gajera. Additionally, co-accused Hitesh Pardeshi and Gautam Prajapati are also subject to these circulars. Police sources from the Economic Offences Cell revealed that this measure was taken due to fears that the accused might attempt to leave the country.
A senior police officer stated, "We tried to contact all the accused, but their phones were switched off. Despite searching various locations, they could not be found. To prevent any potential flight abroad, we promptly obtained the issuance of look-out circulars."
Details of the Alleged Fraud
The FIR, lodged by Pravin Agrawal, centers on alleged fraudulent activities involving 598 shops in the Millennium 2 and Millennium 4 textile markets. Agrawal claims that although his family held a 43% stake in the partnership firm, Shanti Residency Pvt Ltd, they were systematically cheated out of their rightful share of profits.
According to the complaint, the accused sold these 598 shops for a total value of Rs 2,085.98 crore. However, only Rs 157.58 crore was transacted through cheques, with the remaining Rs 1,928.39 crore allegedly collected in cash and not recorded in the firm's official accounts. The funds were purportedly used to purchase land, launch the Millennium 3 project, and generate additional illicit profits.
Investigation and Technical Analysis
Investigators have initiated a comprehensive technical and financial analysis to trace the money trail and identify any accomplices. This includes examining bank accounts and call detail records meticulously. A special team has been deployed to gather details from the sub-registrar regarding the actual number of shops sold and the corresponding amounts involved.
The FIR further alleges that Gautam Prajapati, a representative of nCode Solutions, assisted the accused in obtaining a fake digital signature with help from Hitesh Pardeshi. Additionally, it is claimed that the Gajera brothers transferred money to Hong Kong via hawala channels and rerouted it back to the firm, thereby reducing the Agrawal family's stake from 43% to 4.2% through the use of forged signatures to falsely show consent.
Background and Legal Proceedings
Surat police registered the FIR on Sunday after Pravin Agrawal approached the Gujarat High Court. This move followed unsuccessful attempts to get his complaints officially registered in both 2022 and 2023, underscoring the prolonged struggle for justice in this high-stakes economic offence case.
