Surat, India–A wire transfer of $715,000 from the Gem and Jewellery Export Promotion Council to organizers of the JCK Las Vegas show has reportedly gone missing.
The GJEPC said it wire-transferred the money through a bank to show organizers, who said they never received it, according to the Times of India.
At this year’s JCK Las Vegas show, GJEPC organized the India Pavilion in the “Passport” section on the show floor to include 50 gem and jewelry companies from across the country. The wire transfer was meant to pay for exhibition and set-up charges.
“Due to the nature of the ongoing investigation, we are not at liberty to discuss or comment on the situation beyond what has been previously reported,” said Yancy Weinrich, senior vice president of Reed Jewelry Group. “JCK and the GJEPC have had a longstanding relationship, and are looking toward a prompt remedy to the situation.”
The GJEPC did not respond to National Jeweler’s request for comment by press time, but told the Times of India that it approached the cybercrime cell of the Mumbai police, the Reserve Bank of India and the ministry of finance as well as “investigating agencies in the U.S.”
The bank through which the transfer was sent has started an internal probe to determine if it was blocked somewhere or hacked by criminals.
“The council is yet to receive any confirmation from the bank where the money was lost or hacked,” GJEPC chairman Praveen Shanker Pandya is quoted as saying in the Times. “The bank is investigating on its part to trace the money wire transferred from the council’s account.”