Imphal: The victims who invested at 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, four petitioners said in a press statement released on behalf of the investors on Friday.
The 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.
Victims of PayGD Enterprises appeal 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 Manipur High Court by filing a writ petition to direct the police department and the competent authority to take action as per the Banning of the Unregulated Depository Schemes Action 2019.
“Kshetrimayum Manglemjao Singh and his associates have been running Ponzi schemes under the banner of PayGD Enterprises, alluring people with a promise to give high return commission for the last several years. The victims did not know the trick of Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates to allure people and dupe their hard-earned money. More than Rs 80 crores from 3000 people from Kakching and other places were cheated by Kshetrimayum Manglemjao Singh and his associates,” the petitioners said.
The victims of PayGD Enterprises has appealed to chief minister of N. Biren Singh to look into the grievances faced by investors.
Biren has adopted the Banning of Unregulated Depository Schemes Rules in 2021 and appointed the competent authorities. The victims appeal to the Government of Manipur to implement the law to stop the Ponzi schemes run by the known and unknown swindlers in the state, the petitioners said.
The investors demanded to arrest Manglemjao, Sitabali, and their associates immediately and bring them under the law of the land.
They demanded to attach the moveable and immoveable assets under the Banning of Unregulated Depository Schemes Act 2019 immediately, that Manglemjao, Sitabali, and their associates had accumulated with the money collected from the investors.
It was also demanded to 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.
Those 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, the victims demanded.
They demanded to freeze bank accounts and Demat accounts belonging to the duo and their associates immediately.
Disburse the hard-earned money of the investors by disposing of the moveable and immovable properties, which are accumulated by them 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 said.
The investors of the PayGD Enterprises will take further democratic steps if their grievances are not addressed by bringing Manglemjao, his wife Sitabali and their associates under the law of the land, they added.