An investor lodged a complaint with Moirang police against GMT alleging that the Grow Manipur could be a fraudulent ponzi scheme to lure people to invest their hard earned money and later “defraud and cheat” them.
By Paojel Chaoba
Manipur is no stranger to fraudulent schemes duping crores of money from gullible people promising high interests. There have been many schemes of such nature and stories of families devastated by such schemes are countless. Yet the show goes on, somehow, taking new forms.
Following a complaint by an investor, Moirang police arrested the founder of Grow Manipur Team, Pukhram Maikel Singh (30) of Moirang Pukhram Leikai along with seven others, including some of his family members in the wee hours of Friday.
An FIR has been lodged with Moirang police under sections 406/420/506/120-B IPC and 4/5/6 of Prize Chits and Money Circulation Scheme Banning Act 1978 against Maikel, his wife Pukhram Babita (28), his mother Pukhram Rebati (53), his sister Pukhram Renuka (28), his relatives — Khundrakpam Bikash Singh (23) s/o Kh. Basanta Singh and Khundrakpam Jenny (22) of Kwakeithel Makha Thokchom Leikai Imphal, and one Keisham Ulen (24) s/o Keisham Akendra of Thangmeiband Sinam Leikai, and other associates, for “cheating, breach of trust, criminal intimidation, and criminal conspiracy of running a fraud money circulation scheme”.
They were sent to seven-day police remand.
In her complaint, Angelica (name changed) accused Maikel and his associates of allegedly “running a ponzi scheme called Grow Manipur Team with head office at Moirang Pukhram Leikai, Bishnupur” and defrauding her of Rs 29 lakh.
Angelica said that she and her husband were approached by Maikel and his wife at Angelica’s residence in October 2019 to invest in a scheme called Grow Manipur Team run by Maikel, his family and other associates.
They allegedly promised Angelica an interest of 7 per cent monthly payouts of the invested capital. They also allegedly guaranteed that the invested capital could be withdrawn anytime after giving prior notice of 15 days on reaching an invested period of three months.
According to the complaint, Angelica and her husband invested around Rs 29 lakh to Maikel at his house on four occasions against four receipts issued by the GMT office — Rs 9 lakh in November 2019, Rs 16 lakh, Rs 1.5 lakh, and Rs 2.5 lakh in December 2019.
The complaint further said the “promised” interest payments stopped from October 2020 onwards. Consequently, Angelica said that she and her husband approached Maikel, his wife and the associates of Grow Manipur Team to redeem back their invested amount.
“But they stopped picking our calls and completely ignored us. Their office which used to be at the 4th floor of a building owned by Konjengbam Surjit Singh at Moirang Pukhram Leikai, Bishnupur was also found shut. We also approached their house but Maikel, his wife Babita, his mother Rebati, his sister Renuka and other associates of Grow Manipur Team have been hiding from us and have since not repaid back our invested capital,” she added.
In her complaint, Angelica also expressed apprehension, stating that it was highly suspicious that the Grow Manipur might be a fraudulent ponzi scheme to lure people to invest their hard earned money and later “defraud and cheat” them.