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Ahmedabad: Textile body warns traders of cheque frauds
It has also urges them to report cases if cheques from buyers have bounced so that such frauds can be curbed
Updated : Dec 26, 2018, 06:05 AM IST
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Maskati Market Kapad Mahajan, a body representing textile traders in Ahmedabad, has warned its members of rising cases of cheque frauds. It has also urged them to report cases if cheques from buyers have bounced so that such frauds can be curbed.
"The sub committee, arbitration committee and managing committee has passed a resolution that in cases where selling of goods is done as per laid down procedures and the buyer has defaulted or delayed payments, members of Maskati Mahajan are requested to disclose the names of buyers or agents. Members who have filed a FIR in police stations regarding bouncing of cheques are also requested to disclose the names of buyers. Mahajan will put these names on its boards to create awareness to avoid repetition of such frauds," Mahajan said in a communication to all its members.
Mahajan president Gaurang Bhagat told DNA that fraudsters give cheques with the intention of committing a fraud. "After getting their consignment, they refuse to make payments or undertake delaying tactics. This is causing substantial financial losses to our members. We have got couple of complaints and want to ensure that other members do not fall victim," said Bhagat.
The trading of textile products is on credit. The credit cycle is typically of 90 days but slowdown has raised it to about 180 days, said market sources. With overall demand being subdued, traders want to increase their volumes by relaxing the payment terms, but this is resulting in frauds.
"Despite falling victims to such frauds, traders are not reporting the cases to us. We have arbitration powers. We can help them get their money back. We have done this in the past and are pursuing such cases now as well. But for that members need to disclose the identity of the fraudsters," he said.
About three months ago, Maskati Mahajan had warned that instead of dealing in cash and giving goods on credit, traders should transact in Post Dated Cheques (PDC), advance cash payment and Letter of Credit (LC).
