Fraser curled home a clutch 18-foot par putt on the last green to lift the title by two shots ahead of Soomin Lee of Korea. Tied for second place with Lee was Filipino Miguel Tabuena, who closed with a solid 68.
While Gangjee (68) went to nine-under to finish inside top-10, the other Indian in the fray over the weekend, Gaganjeet Bhullar (72) fell to tied 40th.
"It was a neat round and my driver was working well. I gave myself a lot of opportunities and I made use of the two reachable Par-5s," said Gangjee, who will move into top-10 of the Asian Tour Order of Merit with this finish.
On the bogey on 18th, he said, "This rough can be unpredictable. I was unfortunate to be in the rough. I missed the fairway and was in the bunker and missed the green and unpredictable rough got me!"
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The 37-year-old Aussie, who also ended a frustrating six-year title drought, signed off with a three-under-par 68 for a 15-under-par 279 total, earning him a cheque of USD 500,000.
Lee, 24, led by three at the start of the day and looked very much in control until a double bogey on 16 following an errant drive allowed Fraser to draw level. Tied heading into the final hole, the Korean missed his long par attempt on the last green before watching Fraser drain his putt.