Surat : Hi-Tech Sweet Water denies bank fraud allegations in media

Surat : Hi-Tech Sweet Water Technologies Pvt. Ltd. categorically disputes the false and defamatory claims of bank fraud and loan default levelled against it. According to these charges, the company’s directors fled the country after allegedly defaulting on a Rs. 100 crore loan from Bank of Baroda.

Hi-Tech Sweet Water Technology Director Vijay Shah informed PNN that Hiren Bhavsar of Kashyap Infraproject Pvt Ltd, a man with a history of commercial problems with Hi-Tech Sweet Water Technologies, made unsubstantiated charges. Furthermore, Kailash Lohiya has previously committed fraud in the company’s Bihar water project. Hiren Bhavsar provided the project’s subpar solar panels/pumps. Kailash Lohiya had fraudulently transferred shares in a Hi-Tech Sweet Water Technologies group firm to his name and stolen substantial cash in the name of his wife, Disha Lohiya.

He further said that a FIR had been filed at the criminal branch in Surat against Kailash Lohiya, who had previously spent time in prison. Both Kailash Lohiya and Disha Lohiya are now free on bail. There are grounds to think that Kailash Lohiya, in collaboration with Hiren Bhavsar and others, is degrading Hi-Tech Sweet Water Technologies’ reputation and brand.

Shah went on to say that the SME Branch of Bank of Baroda, where Hi-Tech Sweet Water Technologies has an account, validated the bank account’s excellent performance by email on October 25. Hi-Tech Sweet Water Technologies’ accounts (Cash Credit A/c and Term Loan A/c) have a “Standard” categorization since there are no due/overdue balances.

Vijay Shah, Director of Hi-Tech Sweet Water Technologies, shared the history of problems between the two firms, stating that concerns arose owing to substandard materials and delivery delays on the side of Kashyap Infraproject in the supply of pump sets for the Bihar project. Despite promising to repair the damaged pump sets, Hiren Bhavsar did not follow through and instead filed complaints with CID Surat and Athwalines Police to reclaim the money. Following police investigations, it was decided that the allegations were without merit.

In 2022, the Ahmedabad bench of the National Company Law Tribunal (NCLT) dismissed Hiren Bhavsar’s case under the Insolvency and Bankruptcy Code (IBC) against Hi-Tech Sweet Water Technologies.

Following the NCLT defeat, Kashyap Infraproject filed an application with the CBI in Gandhinagar. The matter was then moved to Surat’s Economic Offence Wing. According to media sources, PI Ajay Rajput performed investigations and found no proof of misconduct on the part of Hi-Tech Sweet Water Technologies.

Hiren Bhavsar’s charges, according to Shah, are intended to smear the image and brand of Hi-Tech Sweet Water Technologies and its directors in order to extort money. As a result, Hi-Tech Sweet Water Technologies and its directors want to sue Hiren Bhavsar and Kashyap Infraproject for Rs 500 crore in criminal defamation. Legal action will also be taken against them for making false accusations.

Hi-Tech Sweet Water Technologies is a recognised and respected firm with a 24-year history that employs over 2,000 people both directly and indirectly. Vijay Shah and his family have been in business in India, Thailand, and the United States for over 25 years. They pioneered RO water systems in India by introducing US RO System Technology in India 25 years ago. They and the firm vehemently dispute the baseless and manufactured charges.