Home » PayGd Enterprises Kakching has Duped Rs 88 Crores from over 3000 Investors; victims seeks justice

PayGd Enterprises Kakching has Duped Rs 88 Crores from over 3000 Investors; victims seeks justice

by Rinku Khumukcham
0 comment 4 minutes read

By: Mayanglambam Merina
Imphal, March 17:

Around about 3000 people got duped by showing a different picture to earn money in its easiest form at Kakching since 2018. Many small town investors who with a dream to fullfill and to have a taste of some what luxury life started having the taste of such schemes.
Now let’s know what is this ‘Ponzi Scheme’ all about. it is a form of fraud in which people tend to belief in achieving success of a non-existent enterprise is fostered by the payment of so called ‘ Quick returns’ to the first investors from the money which are invested by the later investors.
The term “Ponzi Scheme” was coined way back in 1920 by a swindler named Charles Ponzi.
The first recorded instances of such sort of investment scam could be traced back in late 18th century which were orchestrated by the then Adele Spitzeder , in Germany and Sarah Howe in the United States.
Such schemes lures innocent investors and later.leads to victims to believe that such profits are coming from legitimate business activities ,and they remain totally unaware that the other investors were the source of fund.
In recent years a small state like Manipur has been facing many cases like this. One of such cases came up before corona struck the masses.
Kakching Police has Issued a Lookout Alert to All Police Station Complaint Filed at Competent Authority of Banning Unregulated Depository Scheme Act .
The victims of Ponzi schemes have filed a complaint under the Banning of Unregulated Depository Schemes Act 2019 against Kshetrimayum Manglemjao Singh, owner of PayGd Enterprises Kakching along with his wife Sitabali alias Inaotombi who has fled after dumping Rs 88 crores from about 3000 investors. Manipur Government has appointed Commissioner (Power), Government of Manipur as the Competent Authority to curb the unregulated depository schemes in Manipur.
The investors had also lodged a complaint at Kakching Police Station.
An FIR 27 (3) 2022 is registered under sections 406/420/467/468/471/120(B) IPC for Criminal breach of trust, cheating, forgery of valuable security, the purpose of cheating, using as genuine documents and electronic records with criminal conspiracy. The investors have also sought help from the Superintendent of Police to take immediate action against Kshetrimayum Manglemjao Singh and his associates.
Ksh. Manglemjao Singh and his associates have been running PayGd Enterprises Kakching since 2018, alluring people with different schemes, promising of doubling the money within five months with 15% interest monthly . He and his associates have trapped 3000 investors. Investors did not know it was a Ponzi scheme until they were trapped under these schemes.
He kept promising to return the money to the investors beginning from January 2022. Surprisingly, investors were informed that he had been arrested by the police in a case not known to the investors. On 7th March 2022, news of Ksh. Manglemjao Singh was released on bail and they are absconding without disclosing their whereabouts.
The majority of the investors are women from poor family backgrounds, who have taken loans from banks and invested in PayGd Enterprises and now they are struggling a lot to pay the loan and survive their families.
The investors have demanded immediate arrest of Ksh. Manglamjao Sing and his associates and attachment of the moveable and immovable assets and bank accounts. Investors believe that said person and his associates might have diverted the money collected from the investors to his wife, family members and associates. Diverted money and properties should be ceased immediately and refunded to the investors.
Talking to one of investor she has invester around about 1lakh with her small earning.She invested a sum of 1lac trusting them.Her first interest came as 12300 in June 2020 and later 1500/- after some months. Due to the pandemic some of the investors had suffer a great loss.
Similar stories could been seen where investors had land up investing by even selling their hard earn property or by borrowing from their friends which now became a havoc in the locality so far.
According to sources the recent MR jawan death case during election duty of Manipur had also taken 10 lakhs housing loan and invested in this group.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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