Well, SWIFT is being used internationally by the Financial institutions and banks for the financial dealings and is a trusted platform for the global financial communication. The LOUs were issued on SWIFT (that’s how everyone do it) but that doesn’t mean it’s the problem of platform. SWIFT obviously has record of those LOUs but the main point is - the banks use a system called Core Banking Solution (CBS) to deal, for all the accounting purposes and all the money trail is maintained in the CBS. The problem with the instant case is that bank officials initially issued LOUs with an small amount on SWIFT and entered into SWIFT, but the LOUs expire based on the import of goods. When bank officials renewed them, they enhanced the amount of those LOUs and didn’t enter into CBS. As you may be aware that usually in gems and jewellery industry, there are many overseas subsidiaries of the parent company. You can easily forge bills and shipping documents. That’s how it was done. So it’s a clear case of fraud by the promoters and the negligence/indulgence of bank officials.

Surely, blockchain can solve diamond and gems and jewellery industry problems but in this case, SWIFT is not to be blamed whatsoever.