The actions of several businessmen, including Vijay Mallya, who have left the country after acquiring massive loans from banks, are well documented.
A recent case has emerged in Surat, where businessman Vijay Shah and his wife, alleged to have fled to the United States, are accused of embezzling crores of rupees from the Bank of Baroda in Surat. Following a formal complaint, the Gandhinagar Central Bureau of Investigation (CBI) has initiated a probe.
Hi-Tech Sweet Water Company’s director, Vijay Shah, his wife Kavita Shah, and Satish Agarwal, secured a loan of 100 crores from the Bank of Baroda. It is reported that the Shah couple absconded to America after purportedly appropriating funds from another businessman, while Satish Agarwal remains in Surat. Multiple FIRs have been registered concerning this case, which also involves allegations of land fraud in Rajasthan and selling a single flat to multiple buyers in Surat.
The Gandhinagar CBI has also initiated an investigation into these allegations.
According to media reports, Hiren Bhavsar, the director of Kashyap Infra Pvt. Ltd., has levelled serious accusations against Vijay Shah, the director of Hi-Tech Sweet Water. Bhavsar alleges that the Shahs absconded to America with a 100-crore loan from the Bank of Baroda. He claims that the Gandhinagar CBI is actively investigating the case.
Hiren Bhavsar, from Surat’s solar company Kashyap Infra Pvt. Ltd., has lodged a complaint and is seeking justice for the 2 crore rupees owed to his company by Hi-Tech Sweet Water. Before fleeing, Satish Agarwal was removed from the post of director and replaced by a company employee, possibly to evade legal consequences.
Bhavsar stated in media reports that in 2018, Hi-Tech Sweet Water received 2 crore rupees, with Vijay Shah, his wife Kavita Shah, and Satish Agarwal as directors. However, the debt remains unpaid, despite repeated demands. Numerous pieces of evidence suggesting fraud by Vijay Shah have come to light, leading to a 2023 complaint being filed with the Gandhinagar CBI. The case has since been forwarded to the Surat Economic Offenses Crime Branch for further investigation, with the Surat Crime Branch also conducting its own inquiry.
Hiren Bhavsar also has reached out to the Prime Minister’s Office (PMO) to highlight the entire affair. An FIR has been filed against Vijay Shah and Narendra Garg for land fraud in GIDC Ankleshwar in Ajmer and Jaipur cities of Rajasthan. Additionally, in October 2017, a case was registered at the Umra police station involving the sale of the same flat to two individuals in Surat, leading to the arrest and imprisonment of Vijay Shah.
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