Surat: The Detection of Crime Branch (DCB) police have registered a massive cheating and forgery case involving ₹1,928.39 crore against four Gajera brothers, Vasant, Chuni, Ashok and Bakul, along with five other individuals. The case is linked to prominent textile market projects developed on Ring Road in the city.

The complaint was lodged by Pravin Agrawal (51), a partner in Shanti Residency Pvt Ltd, a real estate company. Acting on directions from the Gujarat High Court, police registered an FIR after Agrawal approached the court alleging inaction by local authorities despite filing complaints in 2022 and 2023. The investigation has now been transferred to the economic cell of Surat police.

Allegations of siphoning funds and document forgery

In his complaint, Agrawal has accused the Gajera brothers and their associates of conspiring to siphon off ₹1,928.39 crore from the company. He alleged that forged documents, including the misuse of his digital signature, were used to remove him and his family members from the partnership structure.

The dispute centres around the Millenium-2 and Millenium-4 textile market projects. Agrawal and his family collectively held a 43% stake in Shanti Residency Pvt Ltd.

According to the FIR, Agrawal had earlier assisted the Gajera brothers in marketing and selling shops during the launch of the original Millenium market project in 2007. The company was formed for this development. In December 2009, Agrawal was inducted as a partner and allotted 75,000 shares. His wife, Shital, and father, Devkinandan, were allotted 70,000 shares each out of a total five lakh shares, giving the family a significant ownership stake.

Cash transactions allegedly concealed

The company later launched Millenium-2, comprising 637 shops, and Millenium-4, comprising 2,334 shops, after acquiring land for the projects.

Agrawal alleged that prior to the Covid-19 lockdown, he found out that Vasant Gajera and his family members had begun renting and selling shops without his knowledge. He further claimed that up to 93% of the sale proceeds were collected in cash and not reflected in the firm’s official accounts.

The FIR states that 413 shops in Millenium-2 and 185 shops in Millenium-4 were sold. In these transactions, only 7% to 16% of the sale value was shown through cheque payments in official records, while the remaining amount was allegedly received in cash.

Of the total sale value of ₹2,085.98 crore, only ₹157.58 crore was reflected as cheque payments, while ₹1,928.39 crore was allegedly collected in cash.

Funds diverted to other projects and firms

Agrawal further alleged that the siphoned cash was used to purchase land and develop another project, Millenium-3. He also claimed that funds were diverted to diamond firms owned by the accused, including Laxmi Diamond.

When he raised objections, Agrawal alleged that he was threatened with false criminal cases and even death threats by the accused and their associates.

Stake allegedly reduced from 43% to 4.2%

The complaint further states that forged documents were submitted to multiple agencies, including the Registrar of Companies (ROC), to dilute Agrawal’s shareholding. The company’s registration was allegedly shifted to Maharashtra.

Between 2010 and 2016, the share capital was increased six times, which allegedly reduced Agrawal and his family’s stake from 43% to 4.2%.

Agrawal has also alleged that company funds were routed to Hong Kong through hawala channels to a relative of the accused and later brought back into Shanti Residency Pvt Ltd, resulting in further dilution of his shareholding. DeshGujarat