A team of Income Tax officials is conducting an investigation against the Gajera Group and others. IT officials from five cities have simultaneously carried out raids at 16 locations, including Mumbai, Bengaluru, Surat, and Delhi.

According to available information, Vasant Gajera and his group have a connection with Mehul Choksi, who fled abroad after committing a fraud of ₹15,000 crore in Punjab National Bank.

In the chargesheet filed by ED’s Mumbai Zonal Officer Rakesh Kumar, Mehul Choksi is named as the prime accused, Rakesh Gajera as the second accused, and Vasant Gajera, his companies, and the Gajera brothers are named as co-accused number six. The chargesheet mentions a fraud amounting to ₹7,080 crore.

It is being said that before fleeing abroad, Mehul Choksi transferred some funds to companies owned by Vasant Gajera, and Vasant Gajera used that money through a hawala network.