Surat: After approximately 18 months, authorities have frozen at least 30 bank accounts belonging to various diamond trading companies in the city as part of ongoing cyber crime investigations. Previously, in August 2023, police from Telangana, Kerala, and Maharashtra had blocked the accounts of 27 diamond firms.
The recent account freezes were carried out by cyber crime units from Hyderabad and Bengaluru. It is estimated that around Rs 100 crore is currently inaccessible in these accounts, preventing the firms from making any withdrawals.
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 typically frozen to trace transactions during cyber crime investigations. Often, after a cyber fraud incident, perpetrators break the stolen funds into smaller amounts and transfer them to multiple bank accounts associated with 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 August 2023, the affected diamond firms appealed to various authorities, but their accounts remained frozen for several weeks.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
