Another textile firm vanishes from Surat

Yet another textile trader closed shop and vanished from the city, allegedly duping traders and weavers to the tune of Rs. 30 lakh, according to initial estimates.

This firm, the latest to vanish from Surat, is Rekha Synthetics, situated at Rushabh Towers, Ring Road, according to a police complaint filed by the Federation of Surat Textile Traders' Associations.

The firm was dealing mainly in dress materials. The owner of the firm is allegedly untraceable for the last ten days.

The federation organisational secretary Sardar Attar Singh said, "Around 35 traders, who have lost money in Rekha Synthetics, have approached us so far. Traders lost around Rs 30 lakh. The firm has been doing business for many years, so we expect the figure to go up to Rs 1.50 crore."

"We have filed a complaint with the Salabatpura Police on Saturday and sought their help in arresting the company owner," Singh said.

"We are also talking to various transporters so that the goods of Rekha Synthetics can be stopped from going outside Surat. We have also asked the transporters to take steps to ensure that parcels already despatched are not handed over to the owner," Singh said.

Singh expressed concern at the increasing number of instances of vanishing firms.

"The textile industry is facing recession. There is no business and we are already suffering huge losses. These vanishing firms are pushing the industry to sever losses," Singh said.