Surat, February 24 – Lookout circulars have been issued against four members of the Gajera family in Surat, Gujarat, in connection with an alleged fraud of Rs 1,928.39 crore, while investigators are simultaneously probing suspected financial links between their business interests and the fugitive diamond trader Mehul Choksi.
The circulars were issued against Vasant, Chuni, Ashok, and Bakul Gajera, along with their nephew Rakesh Gajera and two associates, after police teams were unable to trace them at their residences and business premises.
Speaking to IANS, Assistant Commissioner of Police (EOW), G A Sarvaiya said: "The accused could not be contacted, and their mobile phones were switched off, prompting the move to alert immigration authorities to prevent any attempt to leave the country. Lookout notices have been issued against all the accused. So far, no arrests have been made. We are investigating all possible links."
The case stems from a complaint filed by businessman Pravin Agrawal, who has alleged that he and his family were defrauded of Rs 1,928.39 crore in connection with Shanti Residency Private Limited and the development and sale of units in the Millennium-2 and Millennium-4 textile market complexes in Surat.
According to the complaint, Agrawal's family's shareholding was reduced from 43 per cent to 4.2 per cent through what he described as forged documents and unauthorized alterations in company records.
He has also alleged that the proceeds from the sale of hundreds of shops were not properly accounted for.
The case was registered following directions from the Gujarat High Court, which earlier this month instructed Surat Police Commissioner Anupam Singh Gahlaut to ensure that appropriate action was taken on the complaint after the petitioner cited delays.
Separately, officials from the Income Tax Department had conducted searches earlier this year at premises linked to the Gajera group’s real estate and diamond businesses.
Sources familiar with the investigation said the searches were based on inputs relating to substantial cash transactions and suspected financial dealings that are now also being examined in the wider probe.
Investigators are looking into reported business connections between firms linked to Vasant Gajera and Mehul Choksi, who is wanted in India in connection with the Rs 12,000 crore-Punjab National Bank fraud case.
Officials said that the suspected links form part of the financial trail being scrutinized, though no direct findings have yet been made public in this regard.
Police teams have been dispatched to multiple locations in Gujarat and outside the state to trace the accused.
No public statement has been issued by the Gajera family in response to the allegations. The investigation is continuing.