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Vijay Shah, director of Hitech Sweet Water Company, his wife Kavita, and another director, Satish Agrawal, are alleged to have fled to the US after securing a loan of Rs 100 crore from Bank of Baroda. The trio is accused of embezzling funds from private companies and institutions.
Multiple FIRs have been filed against them, and the case is currently under investigation by the Gandhinagar branch of the CBI and the Economic Offence Cell of Surat Police.
Over time, Shah and Agrawal had accumulated a total loan of Rs 100 crore. They reportedly left for the US after appointing an ordinary company employee as a director.
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Shah had previously borrowed from Memon Cooperative Bank and declared bankruptcy, leading to his arrest. Subsequently, Memon Cooperative Bank merged with Bank of Baroda, according to Hiren Bhavsar of Kashyap Infra Pvt Ltd.
Vijay Shah, the director of Hi-Tech Sweet Water Company, along with his wife Kavita Shah and Satish Agarwal, secured a loan of 100 crores from the Bank of Baroda. Reports indicate that the Shah couple fled to America after they allegedly embezzled funds from another businessman.
Meanwhile, Satish Agarwal still stays in Surat. Authorities have registered multiple FIRs concerning this case, which includes allegations of land fraud in Rajasthan and accusations of selling a single flat to multiple buyers in Surat.
Who is Vijay Shah
Vijay Shah is the Chief Executive Officer of Hi-Tech Sweet Water Technologies Pvt. He is registered with the Ministry of Corporate Affairs (MCA). He resides in Surat, Gujarat, India.
Vijay Shah is currently associated with 11 companies. Some of these companies include Manali Synthetics Private Limited and Hi-Tech Innovative Water Projects Private Limited. In the past, he was associated with companies like Hi-Enviros Technologies Private Limited and Aavkash Realty Private Limited.
In 1999, he entered the Water Treatment Industry with Hi-Tech Sweet Water Technologies Pvt. Ltd., pioneering Reverse Osmosis technology in India. Today, he runs an international pan-India brand, operating factories in India and Thailand with over 1500 employees.
Fraud allegations Against Vijay Shah intensify
Before fleeing to America, Satish Agarwal was removed from the directorship by making an employee of the company a director, so no action will be taken against him. Vijay Shah Memon Co-o. After taking a loan from the bank, he filed for bankruptcy and was also arrested. After that Memon Co-O Bank has been merged with Bank of Baroda.
Malik Hiren Bhavsar of the solar company said that he has many proofs of Vijay Shah's fraud. After he filed a complaint in 2023 with Gandhinagar CBI regarding this entire scam, the complaint was sent to Surat Economic Offenses Crime Branch for further investigation.
Hiren Bhavsar has also written to the PMO about this incident. Multiple FIRs have been filed against these people. Even earlier, Vijay Shah was arrested and put behind bars for fraud. Such fraud persons have been demanded to be brought here from abroad and put behind bars.
Hiren Bhavsar, from the solar company, revealed in media reports that Hi-Tech Sweet Water, with Vijay Shah, his wife Kavita Shah, and Satish Agarwal as directors, received 2 crore rupees in 2018. Despite repeated demands, the company has not repaid this debt.
Bhavsar claims to have numerous pieces of evidence suggesting fraud by Vijay Shah. He filed a complaint with the Gandhinagar CBI in 2023, which has since moved to the Surat Economic Offenses Crime Branch for further investigation. The Surat Crime Branch is also conducting its own inquiry.
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