| Nakodia Textiles, a textile firm located at Abhishek Market, Ring Road, has vanished from the city yesterday, duping traders and weavers to the tune of Rs 2 crore. |
| According to industry sources, Nakodia Textiles was functioning normally till last Saturday and had purchased a huge quantity of grey cloth. Because of the disruption in the functioning of the Surat Clearing House for three days last week, the firm owner had assured the creditors that they would be paid their dues on Monday. |
| A large number of creditors, including traders and weavers, who arrived at the firm yesterday found it closed. |
| According to industry sources, the firm had purchased grey worth Rs 1.50 crore last week. |
| They added that over 100 traders and weavers have lost Rs 2 crore because of this firm, the latest to vanish from Surat. |
| Federation of Surat Textile Traders Association vice president Devkishan Manghani said: "The firm has vanished, but we are yet to ascertain the exact amount that the traders and weavers have lost. None of the creditors have approached us so far, but we believe that the figure would be in excess of Rs. 2 crore." |
| "We are talking to the creditors and will be lodging a police complaint against the firm shortly," Manghani added. |
| It should be mentioned here that Surat's textile industry is plagued by instances of vanishing firms as more than fifty textile firms have vanished from the city in the last 7-8 months. |
| The amount lost by traders & weavers because of these vanishing acts is over Rs 100 crore. |
| The local traders have made representation to chief minister Narendra Modi demanding steps to prevent occurrence of such incidents, but the government is yet to respond. |
| Unhappy by the work of police department, traders have also demanded setting up of a Special Economic |
| Offenses Cell for textile market area, but their demand continues to remain unfulfilled. |
| Vanishing effect |
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