Jaipur: Serious allegations of a multi-crore financial scam have surfaced against Vasudev Agarwal, owner of Signora Creation Limited, and his son Mohit Agarwal. The complainants allege that the accused, along with family members, created multiple shell companies and operated an organized network to defraud individuals and financial institutions.
According to the complainant, Suresh Chaudhary, the accused allegedly used fake billing, circular transactions and paper-based business activities to artificially inflate the company’s financial strength. On this basis, preparations were reportedly made to launch an Initial Public Offering (IPO) to raise funds from the market. The complainant further claimed that enforcement-related cases had earlier been registered against the accused.
As per the complaint, a company named Binduja Export Private Limited was allegedly incorporated using forged documents in the names of the accused’s son-in-law Mohit Garg and daughter Neha Garg. To give legitimacy to the operations, government banks, financial institutions, vendors, employees and labourers were allegedly used as fronts.
The accused are alleged to have obtained registrations and bank accounts in departments including the Goods and Services Tax (GST), Income Tax, Securities and Exchange Board of India (SEBI), MSME Department and State Bank of India by submitting forged documents. Subsequently, fake GST invoices and show transactions were allegedly carried out among 8–9 interconnected firms to obtain loans worth crores of rupees from government and private banks, financial companies and under various Prime Minister–led schemes.
The complainant further alleged that when repayment was demanded, he was threatened with false criminal cases, implication in serious offences and even death threats.
Suresh Chaudhary stated that over the past four months, he has approached multiple authorities including the Chief Minister’s Office, Police Commissioner’s Office, Deputy Commissioner of Police (South), Assistant Commissioner of Police (South), Shiprapath Police Station, the Human Rights Commission and the Labour Department, submitting written complaints at each office.
He further stated that a protest was held at the Police Commissioner’s Office demanding registration of an FIR. Following the directions of Police Commissioner Biju Joseph, an FIR was reportedly registered around 11 pm on Sunday night. However, the complainant alleged that due to the influence of the accused, no concrete action has been taken so far and pressure is being mounted to withdraw the FIR.
The complainant has appealed to the State Government and senior officials to order a fair and high-level investigation into the matter and to take strict legal action against those found guilty, to prevent the public from falling victim to such alleged frauds in the future.