‘Investors’ of PayGD Enterprises have appealed to Manipur Police and competent authority to take action against Kshetrimayum Manglemjao Singh, who has allegedly duped Rs 80 crore from 3000 Investors.
TFM Desk
Investors of PayGD Enterprises Kakching have filed a police complaint against Manglemjao Singh, the owner of PayGD Enterprises, and his associates, who have duped Rs 80 crore from 3000 investors. An FIR 27(03)2022 KCG PS under section 406/428/467/468/471/120B of the Indian Penal Code for the criminal breach of trust, cheating, forgery of valuable security, using as genuine forged documents, and electronic record with criminal conspiracy is registered at the Kakching Police station.
The investors who are victims have also filed another complaint at the Competent Authority, the Commissioner (Power), the Banning of Unregulated Depository Schemes Act 2019, Government of Manipur, Manipur Secretariat, Imphal, Manipur on March 16 against Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates, said a press release issued byNingthoujam Robinson Singh, Moirangthem Madhuchandra Singh, Haobijam Premchand Singh andThiyam Tombisana Devi on behalf of the investors.
Victims of PayGD Enterprises appealed to Manipur Police and the competent authority to take action under the Banning of Unregulated Depository Schemes Act 2019 against Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates. “If no action is taken from the police and the competent authority by April 16, the victims will seek intervention from the Honourable Manipur High Court by filing a writ petition to direct the police department and the competent authority for further action.
Kshetrimayum Manglemjao Singh and his associates have been allegedly running ponzi schemes under the banner of PayGD Enterprises, alluring people with a promise to give high returns/commission for the last several years. The victims did not know that they were “tricked” of Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates. More than Rs. 80 crore from 3000 people from Kakching and other places were cheated by the accused.
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The victims of PayGD Enterprises appealed to chief minister N Biren Singh to look into the grievances put forward by the “investors”. Under his leadership, N Biren Singh has adopted the Banning of Unregulated Depository Schemes Rules in 2021 and appointed the competent authorities. The victims appealed to the Government of Manipur to implement the above-mentioned law to stop ponzi schemes run by the known and unknown swindlers in the state, said the release.
The demands of the “investors” inlcude:
1. Arrest Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates immediately and bring them under the law of the land.
2. Attach the moveable and immoveable assets under the Banning of Unregulated Depository Schemes Act 2019 immediately, that Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates had accumulated with the money collected from the investors.
3. Freeze PayGD ICICI Bank account number 204005007584 at Thoubal Athokpam branch immediately and trace the route of money collected from the investors and diverted to different sources. The people involved in the transaction of the fund collected from investors should be investigated under the provision of the Banning of Unregulated Depository Schemes Act 2019.
4. Freeze Bank Accounts and Demat accounts belonging to Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates immediately.
5. Disburse the hard-earned money of the investors by disposing of the moveable and immovable properties, which are accumulated by Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, their associates and by recovering fund diverted to their family members, their relatives, their closed associates. under the provision of Banning of Unregulated Depository Scheme Act 2019.
The investors of the PayGD Enterprises will take further democratic steps if their grievances are not addressed by bringing Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates under the law of the land.