Surat: Authorities in Gujarat have issued look-out circulars (LOCs) for four prominent members of the Gajera family as they investigate a massive ₹1,928.39 crore fraud case involving forged documents and the siphoning of real estate profits.

The LOCs target Vasant, Chuni, Ashok, and Bakul Gajera, alongside their nephew Rakesh Gajera and two associates. The move follows a series of unsuccessful police raids on the family’s residences and corporate offices, where investigators found the suspects missing and their mobile devices deactivated.

"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," said G.A. Sarvaiya, Assistant Commissioner of Police for the Economic Offences Wing (EOW). "Lookout notice has been issued against all accused. At present, no arrests have been made so far. We are investigating all possible links."

Allegations of Forgery and Stake Dilution

The investigation was triggered by a criminal complaint from businessman Pravin Agrawal, a director in the real estate firm Shanti Residency Private Limited. Agrawal alleges that the Gajera brothers orchestrated a conspiracy to strip his family of their 43% stake in the company, reducing it to just 4.2%.

According to the FIR, the suspects used forged signatures and unauthorised digital alterations to remove Agrawal from his directorship. The complaint further alleges that the group siphoned off nearly ₹1,930 crore in cash from the sale of 598 commercial units at the Millennium-2 and Millennium-4 textile markets in Surat. Agrawal claims these funds were never recorded in the firm’s official accounts and were instead diverted to other business interests, including diamond ventures and international hawala channels.

The police action follows a mandate from the Gujarat High Court earlier this month, which ordered Surat Police Commissioner Anupam Singh Gahlaut to register the case after the petitioner reported significant administrative delays.

The Choksi Connection

Adding a layer of complexity to the probe, investigators are scrutinising suspected financial ties between Vasant Gajera’s business network and fugitive diamantaire Mehul Choksi. Choksi is currently wanted by Indian authorities for his alleged role in the ₹12,000-crore Punjab National Bank (PNB) fraud.

While officials noted that the financial trail is under intense review, no formal charges regarding the Choksi link have been publicised. Earlier this year, the Income Tax Department conducted extensive searches at 30 premises linked to the Gajera group, seizing incriminating documents and unaccounted cash that are now central to the EOW's broader investigation.

Police teams have been deployed across Gujarat and neighbouring states to locate the brothers, who remain "underground" as of Tuesday afternoon. The Gajera family has not yet issued a public statement addressing the allegations.

With inputs from IANS