The commercial heart of Surat’s Ring Road is currently the site of one of the largest financial crime investigations in Gujarat’s history. The ₹1,928 crore Surat fraud involving the influential Gajera family. Vasant, Chuni, Ashok, and Bakul Gajera, along with their nephew Rakesh has exposed a massive parallel economy where billions in cash were allegedly siphoned from textile market projects. This investigation follows a forensic paper trail documenting systematic forgery, corporate hijacking, and international money laundering.
The HC Order & The FIR
The legal gears began turning only after the Gujarat High Court intervened on February 12, 2026. The complainant, Pravin Agrawal, a long-time partner in Shanti Residency Pvt Ltd, had struggled since 2022 to get authorities to act against the prominent builders. Agrawal alleged that his family’s 43% stake in the company was fraudulently reduced to just 4.2% through a series of forged documents and unauthorized filings with the Registrar of Companies (ROC).
The court’s mandate was triggered by a critical forensic breakthrough. The Surat Economic Offences Wing (EOW) had completed a signature analysis confirming that Agrawal’s signatures on key documents were forged. Based on this, the High Court directed Surat Police Commissioner Anupam Singh Gahlaut to register an FIR and invoke stringent criminal provisions against Vasant, Chuni, Ashok, and Bakul Gajera, along with their nephew Rakesh.
How It Was Done
The core of the Millennium textile market scam lies in the development of the Millennium-2 and Millennium-4 projects. Investigators found that between 2010 and 2016, the accused increased the company’s share capital six times without the knowledge of the Agrawal family. To achieve this, the Gajeras allegedly used fake digital signatures. The FIR names Gautam Prajapati, an nCode Solutions representative, and Hitesh Pardeshi for their roles in facilitating this digital forgery.
While the corporate forgery secured control of the firm, the real-world siphoning occurred through off-the-books sales. The Surat Economic Offences Wing reports that the accused sold 598 shops across these two projects for a total of ₹2,085.98 crore. However, only ₹157.58 crore was recorded on the official books via cheque payments. The remaining ₹1,928.39 crore, approximately 93% of the transaction value, was allegedly collected entirely in cash and siphoned off.
| Project Financials Breakdown | Details |
| Total Shops Involved | 598 (Millennium-2 & Millennium-4) |
| Total Sale Value | ₹2,085.98 Crore |
| Recorded (Cheque) | ₹157.58 Crore |
| Siphoned (Cash) | ₹1,928.39 Crore |
The Hawala & Choksi Links
Tracing the “black money” has led investigators to international channels. Agrawal’s complaint details how the siphoned cash was funneled to Hong Kong through hawala networks. This money was then allegedly “re-invested” into Shanti Residency Pvt Ltd as foreign investment by Rakesh Gajera, who posed as an overseas investor. This maneuver allowed the family to clean the illicit funds while simultaneously diluting the legitimate partners’ remaining shares.
Furthermore, the EOW is probing suspected financial ties to fugitive diamantaire Mehul Choksi. Vasant Gajera and his firm, Laxmi Infra Developer Ltd, were previously named as co-accused in an Enforcement Directorate (ED) chargesheet in 2020 for their alleged role in the PNB fraud involving Choksi’s Gitanjali Group. Authorities are now examining if the massive cash flows from the Surat real estate market were used to facilitate Choksi-linked money laundering operations.
The Manhunt & The LOC
Since the FIR was filed on February 22, 2026, the Surat Crime Branch has launched a widespread manhunt. On Monday, police teams conducted raids at over 30 locations, including the family’s residences in Surat and Mumbai, and their native properties in Saurashtra. However, the raids proved unsuccessful as all the accused had switched off their mobile phones and fled their homes.
To prevent the Gajera brothers from escaping the country, an immediate Lookout Circular (LOC) was issued. Immigration authorities at all international airports and seaports have been alerted to detain the brothers and their associates if they attempt to flee. Investigators are currently conducting a technical analysis of call records and bank accounts to track their current whereabouts and identify those who helped them go underground.
Conclusion
The ₹1,928 crore Surat fraud represents a critical failure in corporate and financial oversight. As the manhunt continues, the focus remains on the forensic audit of sale deeds and the recovery of siphoned assets. For the Surat textile trade, the case is a stark reminder of the risks hidden within the city’s vast cash-driven real estate sector.
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