Pankaj Lodhiya: The man who went ‘missing’

After the Centre came out with its first instalment of disclosure on black money accounts in foreign banks, Rajkot, a sleepy town in the Saurashtra region of Gujarat, suddenly came under the spotlight.

Of the three names that were mentioned by the Centre in its affidavit in the Supreme Court on Monday, one was of a non-descript bullion trader-cum-realtor—Pankaj Chimanlal Lodhiya.

Lodhiya, hailing from the Soni (goldsmith) community in Saurashtra, suddenly became the most sought-after person by the national media. An interview he gave in the morning to a private news channel was enough to make him ‘popular’.

Within hours of the broadcast of the interview, Lodhiya turned untraceable.

Lodhiya’s company, Shreeji Trading Co, has been mentioned in the Centre’s affidavit. The company, operating in bullion trading, has branches spread across six cities, including New Delhi, Jaipur, Raipur, Indore and Bangalore, with its head office located in the crowded commercial area of Diwanpara in Rajkot.

Lodhiya, in his early 50s, also runs two other companies under the Shreeji Group— Shreeji Ornaments Pvt Ltd, a manufacturer and trader of diamond jewellery, gold ornaments and silver articles; and Shreeji Realty, the construction arm of the Group.

Since morning on Monday, the offices remained closed as no phone calls on the landlines were responded. Lodhiya did not respond to mobile calls or text messages and even the emailed queries remained unanswered.

Apparently, in the TV interview, Lodhiya had mentioned: “I do not have any Swiss account. I have declared all assets and I have not been served any notice.”

He had also clarified to the reporters that he had submitted the details of his financial transaction before the Income-Tax department during recent scrutiny. He said he will react to the department once he is officially communicated about the issue.

Being one of the leading bullion traders in the region, Lodhiya’s alleged Swiss-bank connections have sent cold shivers across the bullion trading community in the region.

A jeweller from Rajkot told Business Line on condition of anonymity: “Their (Lodhiya’s) business interests in real estate and bullions indicate a direct link to route black money from one source to the other. But there are many such jewellers in Rajkot who have similar business combination. So, it first has to be verified and established, only then we can comment on his black money income.”

According to Shreeji Company’s website, “Shreeji Group initially started its business operations in the realty sector and then began its adventurous journey into the bullion business.”

The Website described Pankaj Lodhiya as the chief promoter of the Group, while it also mentioned the support “from father Chimanlal Laljibhai Lodhiya and his brother Kaushik Chimanlal Lodhiya,” in running the different business verticals. The bullion business was started about 15 years ago, but the journey had been a roller-coaster ride for Lodhiya. Trade sources claimed that the group had faced an Income-Tax raid about one-two years ago at its showrooms and offices.

‘Good reputation’ Yet, traders and jewellers maintained that Lodhiya enjoyed good reputation as he was one of the biggest gold/silver suppliers to small and medium jewellers and goldsmiths.

“Lodhiyas have a good reputation in the market. They are one of the leading bullion suppliers in the Saurashtra region,” said a bullion trade expert in Ahmedabad, also on condition of anonymity.

According to his website, the group dealt with the “important good delivery members of London Bullion Merchants Association and other international and national suppliers of bullion.

A leading bullion importer in Ahmedabad maintained that Lodhiyas had earned good name with diversified business interests ranging from jewellery making and exports, bullion trading and real estate.

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