The investors, who have been duped by Kshetrimayum Manglemjao Singh, welcomed the High Court’s order against the Commissioner (Power), Government of Manipur, assigned for Kakching District to address the grievances of unregulated depository schemers by an Act passed by the State Assembly of Manipur Government
TFM Desk
In a positive development for investors who have been cheated by unregulated depository schemes mushrooming in the state, the Manipur High Court has directed the competent authority of the state government to issue a speaking order to Kshetrimayum Manglemjao Singh, owner of PayGD Enterprises, Kakching, Manipur.
A single judge bench of the High Court issued the directive following a writ petition filed by 36 investors, who were duped by PayGD Enterprises.
The order was passed against the failure of the Competent Authority, Commissioner (Power), Government of Manipur to carry the constitutional duty assigned by the Manipur Government with an order under the Manipur Banning of Unregulated Depository Schemers Rules 2021, to address a complaint lodged by the petitioners on 16 March 2022.
The counsel appearing for the petitioners Meihoubam Rakesh submitted that the petitioners will be satisfied for the time being if the present writ petition is disposed of by directing the Commissioner (Power), Government of Manipur to consider and dispose of the representation dated 16-03-2022 submitted by the petitioners and to dispose of the same by issuing a speaking order within a stipulated period.
Accepting the limited prayer made by the counsel for the petitioners, Judge Justice Ahanthem Bimol Singh disposed of the writ petition by directing the Commissioner (Power), Government of Manipur to issue a speaking order within a period of two months from the date of receipt of a copy of this order.
The order made it clear that at the time of considering and disposing of the petitioners’ representation, the Commissioner (Power), Government of Manipur should give reasonable opportunity of hearing to Kshetrimayum Manglemjao Singh.
Meanwhile, the investors who have been duped by Kshetrimayum Manglemjao Singh, welcomed the High Court’s order against the Commissioner (Power), Government of Manipur, assigned for Kakching District to address the grievances of unregulated depository schemers by an Act passed by the State Assembly of Manipur Government.
It is the first of kind of the order against unregulated depository schemes mushrooming in the state of Manipur in recent time. This is the first writ petition of its kind in Manipur against the Ponzi swindlers who are running the unregulated depository schemes in Manipur.
Madhu Chandra, one of the petitioners and former spokesperson of North East Helpline based at Hyderabad, said there are over 300 firms running unregulated financial schemes in the state. They are collecting money from gullible people by promising high returns, looting the hard-earned money of the public. This order will not only bring relief to the victims of PayGD Enterprises, but also to many known and unknown investors, who lose their hard-earned money in Ponzi schemes, he added.
He further said no stones will be left unturned to seek justice for the victims and stop the Ponzi swindlers looting the money from the public.
The petitioners of the writ petition appealed to all victims of the Ponzi swindlers in Manipur to bring their grievances in the form of formal complaint to the competent authorities assigned for different districts by the Manipur Government.
The Manipur Government has assigned Commissioner (Arts and Culture), Government of Manipur as a competent authority for Imphal East and Imphal West districts, Commissioner (Revenue), Government of Manipur as a competent authority for Thoubal and Bishnupur districts, and Commissioner (Power) for the rest of the districts in Manipur, they said.
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