Police complaint lodged against proprietor of M/S PayGd Enterprises Kshetrimayum Manglemjao Singh running an unregulated deposit scheme. Police issue lookout alert to all police stations
TFM Desk
Victims of yet another illegal Ponzi scheme have lodged a complaint with police against proprietor of M/S PayGd Enterprises Kshetrimayum Manglemjao Singh for allegedly running an unregulated deposit scheme and swindling Rs 88 crore out of 3,000 investors.
As per the complaint filed by depositors of M/S PayGd Enterprises, Kakching Turel Wangma Thonglan, Kakching District, the M/S PayGd Enterprises has been running an unregulated deposit scheme since 2018 and collecting deposits from the general public purportedly promising to give 15% interest per month to the depositors.
Maintaining that the modus operandi of the M/S PayGd Enterprises is nothing but a ponzi scheme which is fraudulent investing scam promising high rate of return to the depositors, the complaint says that Kshetrimayum Manglemjao Singh S/o Late Ksh. Ramdhon is a self- style Clients Operation Head (COH) of the enterprises. Now, instead of paying back deposit money, Manglemjao is suspected to have fled Manipur. He is a culprit for breach of trust, it added.
Stating that the objective of the Banning of Unregulated Deposit Scheme Act, 2019 is to provide a complete and thoroughly detailed mechanism to ban such unregulated deposit schemes, excluding the deposits that are taken in the ordinary course of business, and to Protect the interests of the depositors and for the matters related to the same, the victims of the ponzi scheme drew the attention of the Superintendent of Police, Kakching to take up immediate and necessary legal action against the culprit and also to prevent him leaving Manipur without refunding our hard-earned money for the end of justice.
The victims said that Manglemjao has committed an offence for running an unregulated deposit scheme and also to cheat the general public. Stern action may be taken up against him including to prevent him from leaving Manipur, they added.
Following the complaint, An FIR 27 (3) 2022 is registered against Manglemjao and his accomplices under sections 406/420/467/468/471/120(B) IPC for Criminal breach of trust, cheating, forgery of valuable security, the purpose of cheating, using as genuine documents and electronic records with criminal conspiracy. Police also issued a look out alert to all the police stations.
It may be noted PayGd Enterprises Kakching has been run by Manglemjao, his wife Sitabali and others since 2018. The firm lured people with different schemes by promising to double the money within five months with monthly interest of 15%.
The majority of the investors are women from poor families. They have taken loans from banks and invested in PayGd Enterprises. They are struggling a lot to pay the loan. They demanded immediate arrest of Kshetrimayum Manglamjao Sing and his associates and attachment of the moveable and immovable assets and bank accounts.
Investors suspected that Manglemjao might have diverted the money collected from the investors to his wife, family members and associates. Diverted money and properties should be ceased immediately and refunded to the investors.