Indian Diamantaires Baffled as Banks Freeze Accounts

By John Jeffay / August 20, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Banks have frozen accounts belonging to dozens of diamond manufacturers and traders in India.

No clear reason has been provided, although one news report mentions a police probe into alleged cyber-fraud.

Police forces in the southern states of Telangana and and Kerala ordered banks to suspend 27 accounts of jewelry businesses based in Surat, the country's diamond polishing capital.

"Police not only seized jewellery firms' accounts but froze all linked accounts too," Dinesh Navadiya, director of the Gems and Jewellery Export Promotion Council (GJEPC) told The Times of India.

"This has put the firms in major inconvenience as they are unable to make payments or withdraw money."

He said the banks had not given any reason for the accounts being frozen.

Among those firms affected are several natural diamond manufacturers with annual turnovers of more than $1.2m (?,?10 crore). They were due to raise the matter with the police.

Recent News

Monetary-driven precious metals outperform major base metals

September 09, 2024 / www.canadianminingreport.com

Gold stocks hit by plunging equities markets

September 09, 2024 / www.canadianminingreport.com

Gold stocks down as metal and equities momentum fades

September 02, 2024 / www.canadianminingreport.com

Another Kazatomprom guidance announcement shakes uranium price

September 02, 2024 / www.canadianminingreport.com

Major monetary drivers still supporting gold

August 26, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok