Published on: February 23, 2022
An FIR has been registered against three Mumbai Police officials last week for allegedly threatening Angadias and extorting money from them in south Mumbai
WHAT IS ANGADIA SYSTEM?
- Century-old parallel banking system in the country
- Traders send cash generally from one state to another through a person called Angadia that stands for courier
- Used in the jewellery business with Mumbai – Surat being the most popular route as they are two ends of the diamond trade
- Cash involved is huge and it is the responsibility of the Angadia to transfer cash from one state to another for which they charge a nominal fee
- Generally, it is the Gujarati, Marwari and Malbari community that are involved in the business
IS THE SYSTEM LEGAL?
- System per se is legal
- Activity as it is suspected that a lot of times it is used to transfer unaccounted money
- Been suspicions that it is also used for transfer of black money like the hawala transaction which is generally used across countries.
- Large quantities of cash makes them susceptible as targets of robbery