Manipur Government has followed the Central government in adopting the act, Banning Unregulated Depository Schemes Act 2019, well placed the Competent Authorities for different districts and set up a designated court, but failed to act the act to curve the Ponzi Swindlers and not doing enough to relieve thousands of people whose hard-earned money looted by Ponzi Swindlers by trapping them with high return of interest and commission.
The public from different districts has come out in protest in recent times, asking the Government of Manipur to help them and also take action against those Ponzi masters. The government has not made any statement on this issue.
Placing the Banning of Unregulated Depository Schemes lay in Manipur by passing a bill in the state assembly in 2021 without losing much time shows the political aspiration but failed to implement the law shows a lack of will to stop Ponzi swindlers and address the suffering of thousands of people. A question arises “Why were the rules of the law made by the government of Manipur and set up the Competent Authorities for different districts and not implemented?
Now the victims of Ponzi Swindlers Kshetrimayum Manglemjao, owner of PayGd Enterprises of Kakching, Manipur have gone to Manipur High Court with a Writ Petition, seeking from the court to issue a directive to the Competent Authorities, Commission (Power) Government of Manipur setup for Kakching district, and the Manipur police to act against PayGd Enterprises.
This will be the first kind, the public knocking at the door of the Manipur High Court with a writ petition, seeking a directive to the government of Manipur and its competent authorities in the state and address the grievances of the public. Unless the law enforcement agencies take serious steps and call a war on Ponzi Swindlers, the grievances faced by thousands of people will be solved.
The writ petition includes a series of prayers to the Manipur High Court to direct the Manipur Police to take up the FIR filed against PayGD Enterprises of Kakching and the Competent Authority, Commissioner (Power), Government of Manipur to carry out the constitutional duty assigned under the Banning of Unregulated Depository Schemes Act 2019 to bring PayGD Enterprises and its owners and associated under the unregulated depository scheme law. The prayer also includes ceasing their bank accounts and moveable/immoveable properties accumulated with the hard-earned money from the public and dispersing them to the investors as per the provision of the law. An FIR 28(03KCG) 2022 was filed at Kakching Police station and a complaint at Commission (Power), Government of Manipur on 16 March 2022.
Crores of rupees duped and looted from the general public have not only caused the loss of the investors but also affected the state’s economic condition. The state government must act on the act they have passed, the sooner the better for the state.
The PayGd Enterprises alone at Kakching has duped and looted over 100 crores from 3000 people. There are dozen of unknown Ponzi Swindlers at Kakching. Altogether, more than 150 crores of rupees have been stolen and this has badly affected the economic condition of Kakching.
The situation at Kakching is one example in the state, there are over 300 Ponzi Swindlers operating in the valley and hills, who have looted and have been looting. They must be stopped once and for all. In order to stop this, Manipur Government, particularly Chief Minister N. Biren Singh needs to break his silence. “Sir, your silence lets the Swindlers loot from the public.”
Madhu Chandra is a Hyderabad-based freelancer and former spokesperson of the North East Helpline.
The writer is a Hyderabad based freelancer and former spokesperson of North East Helpline, Delhi.