Vanishing act continues in Surat

Yet another textile firm has vanished from Surat on Tuesday, duping local traders and weavers to the tune of Rs 3 crore. This firm, the latest to vanish from Surat, was situated at Gopi Market, Ring Road.

The firm had purchased huge quantities of grey and textiles in the last month or so.

The firm had reportedly gone weak and was facing problems in payments since the end of the last week.The creditors, including weavers and traders, were assured payment during this week, but the promoters vanished before that.

The firm was found closed on Tuesday and Wednesday. The creditors tried to contact the firm owners, but they could not be traced.

According to primary estimates, the losses have been put at Rs. 3 crore. Weavers are believed to have lost the maximum amount.

Devkishan Manghani, vice-president of Federation of Surat Textile Traders Association, said, "The firm had gone weak and has certainly vanished.

"We have been approached by a few traders, who have lost their money, but at this moment we are not in a position to give the exact figure of the losses," he added.

But we can certainly say that the amount is huge."