Surat: A day after filing an FIR in the alleged Rs 1,928 crore fraud case, Surat police on Monday issued look-out circulars (LOCs) against the four Gajera brothers, Vasant, Chuni, Ashok and Bakul along with their nephew Rakesh Gajera. LOCs were also issued against co-accused Hitesh Pardeshi and Gautam Prajapati.

The Economic Offences Cell said the move was taken as the accused are untraceable and may attempt to flee the country. Their phones were found switched off and searches at multiple locations yielded no results.

The case, filed by Pravin Agrawal, pertains to the sale of 598 shops in Millennium 2 and Millennium 4 textile markets. Agrawal alleged that although his family held a 43% stake in Shanti Residency Pvt Ltd, they were denied their share of profits.

According to the FIR, the shops were sold for Rs 2,085.98 crore, but only Rs 157.58 crore was received via cheques, while Rs 1,928.39 crore was allegedly taken in cash and kept off the books. The funds were allegedly used to buy land and launch the Millennium 3 project.

The complaint also alleges that fake digital signatures were created to dilute the Agrawal family’s stake from 43% to 4.2%, and that money was routed to Hong Kong through hawala channels before being brought back into the firm. DeshGujarat