The former head of recruitment at the Cardiff City Stadium, who also worked with manager Malky Mackay at Watford, was suspended before being officially replaced by 23-year-old Kazakh Alisher Apsalyamov on Friday.
"Iain is a huge loss for us, a huge, huge loss because he is outstanding," Bellamy told the press. "Any club with Iain Moody is a miles better club, without a shadow of a doubt."
The experienced attacker went on to hail Mackay as one fo the best managers in the country, praising the Scot's ability to unite the squad and bring them closer to the club's fans.
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"I'm just a player, I can only talk from a player's point of view and I can't try and dictate to anyone above me but the simple fact is I am very fortunate as a player to be working with the guy.
"He's certainly brought everyone together at Cardiff and we needed that. That's not being disrespectful to the managers who were here before him but he's taken it on to another level.
"He's united the city and being from Cardiff that makes me feel very proud."
After taking over the Bluebirds in July 2012, Mackay led the Welsh club to the Championship title last term and they sit 14th in the Premier League with two wins from their opening seven games.