Buzz of an angadia firm owing Rs 400cr to clients going bust in Surat

SURAT: At a time when the diamond industry is yet to resume full-fledge operations, there is a strong buzz about a leading angadia firm (courier agency) in the walled city area going bust. The speculations began after the owners of the firm went underground shutting their offices in Surat, Mumbai, Bhavnagar, Amreli, Rajkot, and other places on Thursday.
Sources said that the firm’s head office is located in the city’s Bhawani Wad area.Also, the firm’s owners owe about Rs 400 crore to more than 100 clients from the diamond industry in Surat and Mumbai.
Two days ago, there were rumours in the diamond market about a owner of the angadia firm in question committing suicide in Mehsana.
The firm, according to the industry sources, is operating since six decades and were providing cash transfer and the transshipment of the valuable goods including diamonds and jewellery between Surat, Mumbai, Bhavnagar, Rajkot, Mehsana, Amreli and Bhavnagar.
An office-bearer of Surat Diamond Association (SDA) seeking anonymity said, “The firm in question is a leading name in the industry with accounts of many big diamantaires. It has come as a shock for the industry during a time when the sector his severely hit by the coronavirus pandemic.”