2 weeks Ago
Surat: After a gap of around one and a half years, at least 30 bank accounts of multiple diamond trading firms from the city have been frozen as part of investigations into cyber crime cases. Earlier, in Aug 2023, bank accounts of 27 diamond firms were blocked by Telangana, Kerala and Maharashtra police. In the latest actions, cyber crime police from Hyderabad and Bengaluru have frozen the bank accounts.
It is estimated that around Rs 100 crore is blocked in these accounts and the firms are not allowed to withdraw money. The diamond businessmen plan to approach Union home minister Amit Shah to raise their concerns. "I made a representation to our industry leader Govind Dholakia, who is also a Rajya Sabha MP, to raise our concern with the Union home minister.
We will make a representation to the MHA to find a solution to our problems," said Dinesh Navadiya, chairman of the Indian Diamond Institute (IDI). The bank account of the firm run by Navadiya's family has also been blocked. "Not only our business has been hit, but it also tarnishes the firm's image," he added.
Bank accounts are frozen while tracing transactions during investigation into cyber crime cases. In most cases, after a cyber fraud, the culprits divide the fraud money into small amounts and transfer it to multiple bank accounts linked to online wallets. "For example, a small payment is made to a jewellery firm from an account where cyber fraud money was transferred.
If that firm makes a payment for purchases during the year to a diamond firm, then police freeze the diamond firm's account as well," explained Navadiya. In Aug 2023, the diamond firms made representations at various levels, but their accounts remained blocked for several weeks..
