Manipur High Court’s acceptance of Writ Petition against Ponzi Swindler brings relief to thousands

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Imphal: The investors who are duped by Kshetrimayum Manglemjao Singh, owner of PayGD Enterprises, Kakching Manipur, have warmly accepted the order of Manipur High Court’s acceptance of a Writ Petition filed by the renown human rights activist and learned counsel Meihoubam Rakesh on behalf of 36 petitions/victims of PayGD Enterprises against the Competent Authority, Commissioner (Power), Government of Manipur, assigned for Kakching District to address the grievances of unregulated depository schemers by a act passed by the state Assembly of Manipur government.

The order of Manipur High Court is welcome and it is the first of kind of the order against unregulated depository schemes mushrooming in the state of Manipur in recent time. The order passed against the failure of the Competent Authority, Commissioner (Power), Government of India 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, said Madhu Chandra, petitioner and former spokesperson of North East Helpline in a press release ‘on behalf of petitioners’.

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This is the first writ petition of its kind in the state of Manipur against the Ponzi swindlers of the masters of the unregulated depository schemes operating in the state of Manipur in recent time. There are over 300 Ponzi or companies operating in the state collecting money with high return, rooting the hard-earned money of the public. This order will not only bring relief to the victims of PayGD Enterprises, but to many known and unknown Ponzi swindlers, who have looted and been looting the hard-earned money of the public with the false promises of high return and commission, it said.

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Now the Manipur High Court has accepted to serve notice to the Competent Authority, Commission (Power), Government of Manipur to carry forward the constitutional mandate assigned by Government of Manipur under the provision of Banning Unregulated Depository Schemes Act 2019 within two months from the time of the order of the writ petition filed by the petitioners, who are the victims of PayGD Enterprises, it added.

If the Competent Authority, Commission (Power), Government of Manipur, the petitioners with the help of the counsel, will seek the contempt of the court against the Competent Authority, Commissioner (Power), Government of Manipur and no stones will be left to seek justice for the victims and stop the Ponzi swindlers looting the hard-earned money from the public, it said.

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The petitioners of the writ petition appeal to the general public, who have been duped by the Ponzi swindlers in the state of Manipur to bring their grievances in the form of formal complaint to the competent authorities assigned for different districts by the Manipur Government. 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.

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