Surat police have registered a case of alleged corporate fraud involving a 54-year-old businessman and his company’s chartered accountant, along with three of the accountant’s relatives. The complaint,
filed at Khatodara police station, accuses the group of illegally removing the complainant’s name from his own company and taking control of its assets and shares without consent.
According to the FIR, Vijay Shah, a resident of Bhatar in Surat who now lives with his family in Oklahoma City, US, appointed chartered accountant Kailash Chandra Lohia to manage auditing and administrative work for his firm, Hitech Water Solution Private Limited. Shah’s diversified business interests span real estate, water purifiers, and hospitality across the United States, Thailand, and India.
Due to his frequent overseas travel, Shah claims he handed over full administrative rights to Lohia in 2013, appointing him as a director and transferring 50 percent of the company’s shares, valued at Rs 6.43 crore, into his name. However, the dispute escalated in 2017 when Lohia allegedly inducted his wife Disha, mother-in-law Usha, and brother-in-law Pradeep Agarwal as directors without Shah’s approval.
The complaint further alleges that in 2018, Lohia unlawfully transferred Shah’s remaining 50 percent stake to his wife’s name without following due legal procedures. No official meeting agenda was issued, and stamp duty was reportedly not paid.
The total value of the alleged fraud amounts to Rs 18.73 crore. Police have booked the accused under charges of cheating and other relevant sections, and an investigation is underway.
