Ahmedabad’s Maskati Kapad Market Mahajan is developing a website that will publicly display the details of known dishonest dealers in response to an increase in frauds. The goal of this program is to shield traders from scammers, especially those who conduct business over state lines.
According to Maskati Kapad Market Mahajan President Gaurang Bhagat, “Despite our efforts to protect our traders from these dishonest people, there are still a startlingly high number of fraudulent occurrences.”
He also added, “The information about known scammers will be centralised on this page. In order to exchange vital information and stop these people from taking advantage of traders in other locations, we will invite textile groups throughout India to contribute to this database.”
This action was taken after a large number of textile dealers in Ahmedabad and Surat lost money as a result of fraud in the previous several years. To look into these situations, a special investigative team (SIT) was also formed.
Apart from the website, the group took a number of steps to reduce the possibility of fraud. It required traders to deliver items only to the buyer’s registered address and to confirm each buyer’s GST number. It requested that merchants only give credit to purchasers with whom they had been doing business for more than three years.
Additionally, it lowered the credit limit for purchasers with a history of irregular payments who have been in the industry for more than three years.
