Vadodara: The troubles surrounding the Panasuriya family appear to be mounting in Gujarat’s Vadodara, with a fresh complaint filed against five family members over alleged irregularities involving a ₹33.96 crore project loan. The complaint, registered at the Harni police station, alleges that the accused obtained a project loan from a financial institution but failed to comply with its conditions. They have also been accused of selling project units and entering into registered agreements for several other units without informing or obtaining approval from the financial institution.
The accused named in the complaint are Sureshbhai Bhadabhai Panasuriya, Manishbhai Bhadabhai Panasuriya, Pravinbhai Bhadabhai Panasuriya, Kishorbhai Bhadabhai Panasuriya and Ravi Sureshbhai Panasuriya. Sureshbhai Panasuriya has previously served as the Bharatiya Janata Party’s former Amreli district president. Police have initiated an investigation based on the complaint.
According to the complainant financial institution, the accused had obtained a project loan of ₹33.96 crore. Under the terms of the loan, they were required to complete the project in accordance with the prescribed conditions and protect the financial institution’s interests. The complaint alleges that the project was not completed as required and that the loan funds were allegedly diverted or used for other purposes.
One of the key allegations concerns the sale of units associated with the project. According to the complaint, the accused allegedly acted together and sold project units to other people without informing the financial institution or obtaining its approval. The complaint states that sale documents for 20 units were executed between August 30 and March 25, 2026.
The complaint further alleges that registered agreements, or banakhat, were executed for another 109 units. Through these agreements, the accused allegedly collected substantial amounts from prospective buyers. The financial institution has alleged that some of the money received through these transactions was deposited into the accused’s personal bank accounts and subsequently used by them.
Investigators are expected to examine whether the units sold or covered by the registered agreements were subject to any charge, security interest or other rights of the financial institution. If the loan agreement required prior approval before the project properties could be transferred, the circumstances surrounding the alleged sales and agreements will form an important part of the investigation.
The complaint also alleges that the accused subsequently stopped making loan instalment payments. As a result, they allegedly failed to meet their financial obligations towards the institution, causing it financial losses. Details of the outstanding amount and the financial liabilities allegedly remaining against the accused have also been included in the complaint.
Police are now expected to examine the loan documents, project approvals, agreements between the financial institution and the accused, and records related to the sale of the units. Investigators will also scrutinise the documents relating to the 20 alleged sales and the 109 registered agreements. Bank records will be examined to establish where the money received from these transactions was deposited and how it was subsequently used.
Investigators are also examining the individual roles of all five family members in the project and the financial transactions. The involvement of any other person or entity, if established during the investigation, may also be examined.
The fresh complaint has added another layer to the legal troubles surrounding the Panasuriya family, which has previously faced allegations in a separate case involving crores of rupees. However, the allegations contained in the latest complaint are yet to be established through investigation.
Police said further legal action will be taken on the basis of documentary evidence, banking records, property transactions and other material collected during the investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
