SOP on cybercrime account freezes brings relief to traders

Surat: The city's gem and jewellery industry has welcomed a new standard operating procedure (SOP) governing the freezing of bank accounts suspected to be linked to cybercrime, saying it will bring relief to traders and manufacturers who faced disruptions due to arbitrary account freezes.Industry leaders said the sector had been grappling with cases where bank accounts were frozen following cybercrime complaints, often without prior intimation. The process of unfreezing such accounts was frequently unclear and time-consuming, causing operational disruptions and hardship for genuine businesses.Following repeated complaints and the freezing of hundreds of bank accounts involving crores of rupees, Dinesh Navadiya, chairman of the Indian Diamond Institute, along with the regional office of the Gem & Jewellery Export Promotion Council (GJEPC), raised the issue with the government.Navadiya said the matter was also taken up with Rajya Sabha MP Govind Dholakia, after which representations were made to Union home minister Amit Shah. "Within days, the govt prepared the SOP and issued it for implementation," he said.According to GJEPC, the SOP establishes a clear and time-bound framework for handling cyber-enabled financial crime complaints. It mandates that actions such as placing funds on hold, suspending digital banking services or freezing bank accounts must follow legal provisions under the Bharatiya Nagarik Suraksha Sanhita (BNSS) and be supported by proper verification by investigating officers.The SOP also introduces uniform procedures for banks, financial intermediaries and law enforcement agencies. It ensures that account holders are given an opportunity to explain disputed transactions and provides a structured grievance redressal mechanism."Earlier, even the second to fifth accounts to which money was transferred from a suspicious account were being frozen by police in different states. That will no longer be allowed under the new SOP," Navadiya said.Jayanti Savaliya, regional chairman of GJEPC, said the move would bring clarity and confidence to the industry. "The structured SOP ensures genuine traders are protected from arbitrary freezing of bank accounts while maintaining strong mechanisms to tackle cybercrime," he said.Navadiya added that sudden freezing of accounts often brought MSME operations to a standstill. "The new SOP will ensure a fair and clearly defined process and provide relief to thousands of MSME traders who form the backbone of the industry," he said.Get the latest lifestyle updates on Times of India, along with Women's day wishes, messages and quotes !