The path for declaring Suresh Agrawal and other accused in the Kunvar Ajay case as absconders has been cleared with the accused failing to be present in court on Tuesday.
Suresh Agrawal, who owned Kunvar Ajay Sarees, was accused of duping textile traders to the tune of Rs 1.78 crore. A complaint was lodged against Agrawal on April 1 this year.
Agrawal's wife Anju Agrawal (one of the directors of Poonam Industries), his brother Subhash Agrawal, and one J P Agrawal, were also named in the case.
Following the complaint, the Surat police conducted raids in Jaipur, Jodhpur, Delhi and other places to nab the accused, but none of them could be traced.
Meanwhile, a local court has directed Agrawal and other accused to produce themselves before the court, on or before November 23.
The court also warned the accused that they would be declared absconders if they failed to comply with the order. The deadline expired on Tuesday, but none of the accused turned up.
City commissioner of police Vineet Kumar Gupta, said, "Since Agrawal and other accused have failed to meet the deadline set by the court, we will initiate steps to declare them absconders. We will also move the court seeking permission to confiscate properties of the accused."
Agrawal launched Kunvar Ajay Sarees in early 90s.
Within few years the brand became a success with an annual turnover of over Rs 100 crore.
The group launched Friendly Wash Detergent and Dandi Salt in 2000. These ventures resulted in heavy losses.
Following this, the Kunvar Ajay group was caught in a financial crisis and started falling apart. Agrawal assured to repay the entire money to the creditors, but he could not do so.