Pandemonium broke out at Khagempalli Pankha early morning today when an irate mob of investors on learning about the news of the vanished website came to the residence of one Huidrom Nandakumar (55), who is said to be key person behind company’s operation in the state.
Nandakumar, resident of Khagempalli Pankha is presently an executive engineer in the Manipur Development Society.
A huge crowd which had gathered at his residence started demanding their money back as they were suspicious of the company’s intent following sudden disappearance of website.
ISTV video: http://www.youtube.com/watch?v=gbjXrEhiQlk
Nandakumar reportedly owned up that the network is busted as there could be no financial transaction to the company following the arrest of the head of the company identified as one Vijay Dhariwal of Bangalore by Karnataka police.
As the outraged mob became furious, a team of police commando arrived in the nick of time and whisked Nandakumar away from his residence.
Talking to IFP, an investor Sanatombi said “I had invested more than Rs 2 lachs just day before yesterday and today we came to know that the website has vanished, I pawned my gold ornaments to join the network, now I don’t know what to do and where to complain”. Everyone present at the time had a similar story to tell.
According to reports, some 3000 people of the state have invested money with Jiainex ranging from Rs 50,000 upto Rs 10 lacs individually from September 21, 2010 onwards. More than Rs. 40 crores are speculated to have been be deposited by the investors to the Jiainex account.
Nandakumar is reportedly still at Kakwa Police station at present and no case has been registered against him so far. When IFP contacted OC of Kakwa police stated that there have been no formal complaint lodged against Nandakumar by anyone so far.
According to a brochure, Jainex International Trade is a major financial company of China and offers investment advisory and financial planning services. One can invest in the company without limit and get 15% daily for 75 working days on a daily basis and also get 10% referral income.
Surprisingly, the Chinese company has it’s administrative office at Amrali, Bangalore and conducts cash transactions through ING Vyasa Bank under A/C No.509011017895. The website of the company is www.jitmarket.com.
Based on a study of Pyramid Schemes (Networks) or Multi Level Marketing Schemes, illegal money making schemes such as Jainex are modified and adapted to suit the victims. They may be disguised as mail order operations, chain letters, buying clubs or investment companies. Most networks are intent on exploiting people with limited means and little knowledge of business such as individuals with little experience in direct sales, distributorship or franchise enterprises or who have little money or credit to establish their own business. Many victims of these scams sell first to their friends.
When the money making opportunity goes belly up, most people lose not only their money but also their friends. It is a mathematical fact that the network must break down because the pool of possible recruits become exhausted and recruitment stops. Those at the bottom of the pyramid, the vast majority of the participants, lose money. All pyramid schemes will begin to die when later recruits don’t sign on in numbers large enough to pay off earlier recruits, many losers paying a few winners.
The pyramid promoter is likely to persuade the investor that he is “getting in early” and should consider himself at the top of the matrix and most participants don’t envision themselves anywhere near the bottom layer of the pyramid. The con artist at the top views the investor as a predictable set of revenues and expenses,with the revenues flowing directly to him. He happily pays out commissions for the recruitment effort of others.
As the losers rarely advertise the truth of their folly, the myth of the success of the network still remains.
It may be mentioned that many networks have emerged now and then in the state. According to Pyramid Scheme Alert, a non profit NGO, the latest network scams are carried out on the internet called Ponzi schemes which operate by paying earlier investors with money deposited by later investors without emphasizing on recruitment or awareness of participation structure. By using the internet, a con man operating from Delhi can modify the network to seem that it is being uploaded from Malaysia, UK, China etc.
The networks operating on the internet and doing good “business” in Manipur are VISAREV, FOREX, STOCKGURU, UNIPAY, UNIGOLD 2 U etc.
Travel Ventures International (TVI) was the first internet networking company to operate in the state. According to sources, more than 5000 people have lost their money in investing to the network business.
I would like to comment upon our brothers of Manipur…that I feel that most of the people who invested wanted to get rich quicker without hard work or sweat.. I also strongly believe that in Manipur corruption is usually an accepted way of getting things done. Corruption is two way and not one way: if you stop bribing there will be no takers. Having said that, I am sounding a little too pure but at the end we (common people) have to be watchful. Being watchful needs certain level of knowledge. And I believe people who invested did not have any knowledge of the modus operandi of the fraudulent company. That we do not blame them as they have invested trusting their own friends.
I am not here to console for the loss of money but to enlighten how deep is the hole of corruption affecting the society in Manipur. I believe we are in some kind of a vicious cycle where anything small can cascade to a bigger problem. We are literally land locked and nothing good seems to penetrate our state. People are killing each other for money, people are misguiding each other for money…so on. I see that the freedom fighters are no more than shady and bloody business organisations similar to the mafia. No one is voicing because we are afraid of any consequences… we are afraid because we are not united…NOT A BIT. Are we religious? in the real sense we all are converted Hindus. Unity should come from within and not through some petty organisation being established. Even richshaw drivers have association but where is the unity? I bet Manipur must be having more associations and organisations that any other states of the NE.
For a state to flourish and prosper, there are some vital elements that has to function properly with least corruption and interruption they are: EDUCATION:
TRANSPORTATION: cheapest means say rail or road
SANITATION: water & sewage for eg
COMMUNICATION : is present but not adequate
GOVERNANCE: for eg. corruption free and unity among the citizens and law and order
Other things like infrastructure, business, investment etc…etc will follow automatically if the above are maintained. BUT almost all are lacking. This results is unemployment and unemployment leads to struggle for survival:GOOD or EVIL. Self employment to certain extent may be clean but all are doubfully dirty.
So what I mean to elaborate is that the fraud companies will keep in coming in a newer forms and newer tactics for our gullible people of manipur. Except for the government employed people, can you name any legal businness owners paying income tax. The concept of income tax is not prevalent to the non-government employed people of manipur.
One more point: it should be logical that how can a company offer you 10-15 percent daily when the word richest financial institution cannot offer that much. Even conducting marup also does not offer that much. This shows that people are ignorant or foolish. May be thay have earned the money without sweat!!
I will continue to write more…….
“A pyramid scheme is a non-sustainable business model that involves promising participants payment, services or ideals, primarily for enrolling other people into the scheme or training them to take part, rather than supplying any real investment or sale of products or services to the public. Pyramid schemes are a form of fraud.[1][2]
Pyramid schemes are illegal in many countries including Albania, Denmark, Australia,[3] Brazil, Bulgaria, Canada, China,[4] Colombia,[5] Estonia,[6] France, Germany, Hungary, Iceland,[citation needed] Iran,[7] Italy,[8] Japan,[9] Malaysia, Mexico, Nepal,[citation needed] The Netherlands,[10] New Zealand,[11] Norway,[12] the Philippines,[13] Poland, Portugal, Romania,[14] South Africa,[15] Sri Lanka,[16] Switzerland, Taiwan, Thailand,[17] Turkey,[18] the United Kingdom, and the United States.[19] ” source wikipedia
Well, I feel sorry for this unfortunate incident. But in a troubled state of Manipur what are we to do? I run a small business at imphal bazar but my profits end up paying demands for militants. Am I a lazy person?
So I got fed up of this and I invested 2.5 L at Unipay understanding all the risks involved. I got full returns and there was no mistake and thank god this time I didn’t end up paying for militants.
For what I did this, Its is about my survival from our obscure state.
Its bad to experience but the brighter part is – even our 60yrs old aunties and grandmas.. started to know about FX, Bonds and Hedge Funds…
We need to make some mistake to learn faster.
It is very painful news for the state like Manipur which is facing big economic crisis. I do not have much comment on it. But As far as my poor knowledge is concerned, I think that the people of Manipur never realise the meaning of life. They think that money is the only means to keep them happy. Right from politician, class I officers to labours, all are talking about MONEY. All want easy money. That is why we are not getting good road, No safe drinking water, No enough electricity etc. etc. Which department is working sincerely in Manipur? In this networking we are losing about fifty crore rupees. What about the thousands of crore of rupees that are snatching in daytime in front of public daily? Who will be the authority to safeguard the public property when the authority becomes snatcher? My humble request to the real educationist is to reconstruct the education system in order to give the true value of education and life to the students in the generations to come.
guys there is a new network just started yesterday in manipur. its called GM. invest as low as rs.500 and see your money double in 45 days. now how does it work you ask. well all you have to do is collect 2 downlines and get 27.5% from their enrolement amount, eg. if tomba bring in thoibi and nganbi to the network investing 1000 each, tomba will get 275*2= 550. and it will continue as long as you can bring in a**h**** who want to become rich without doing any thing, and if you ask me these type of people is in abundance in manipur. what do you say guys. by the way GM stands for GREEDY MANIPURIS
this shows that manipuris are lazzy people and want to earn money without doing any hard work !!!
humm…an accident waiting to happen for a long time….
people of Manipur become very fond of easy money…this is attributed to lack of knowledge, lack of will to work hard and love for short cut ways to become rich.
Whenever I visit my hometown, I came across many of my relatives insisting me to invest money in some unknown farms with tall promise of high returns…this become irritating…I tried to cation those people but its almost impossible.
Well, I feel sorry for those people who loss their hard earn money…but on the positive note, they will perhaps learn their lesson of life. On the other note, greed is very hard to control, specially those who do not understand the hardworks required to earn some whitemoney.
I think we should not lament for what we created. Let’s count How many highly qualified Manipuri are in this business where a matric-failed can become rich. We have nothing to do. Lets take this incident as paying demands as you and i have always to pay something besides income tax.
The incident had caused a ripple but we continue. There is less chance of revealing how much i earned. And you know this has lot of advantages. We have to payback in anyway whether it was hard-earned, collected at gun points or received as bribes. This is the result of our problems in the state. We’ll forget this time also as already there are many similar companies giving bread to our skilled-unemployed Manipuris.
people of manipur who are much interested in mlm ,please listen !!!instead of joining mlm business open a demat a/c learn and start trading in bsc and nsc,it gives you more return than visarev,unipay,etc etc
I really felt sorry for the people who lost their hard earned money on such scams. I don’t understand why our people never learn from the previous mistakes. Lets put an end to such scams. Its time for the Government to pass a new bill that ban all such activities in the state.
This was bound to happen…this was bound to happen…!!! Its all about making people to see ONLY the profit and make them to blindly invest their hard earn money. These firms normally set an example by making one or two guys to get “super profit” in a very short period of time, including expensive gift like laptop to fridge to even cars… When they set the example, general public invest without even thinking twice.
All this is because people in Manipur are lazy and idiots. No one wants to work hard but make easy money!!! God be with you guys. Always remember, there is nothing called as easy money but sweat and u will get sweet.
Let this be a lesson to my fellow Manipuris and learn something from this. I guarantee that each and every Investment firms exist in Manipur will be crashed one or other day like this one. So, pls withdraw ur hard earn money and never invest again.
Give me 1.5 lacs, I can make the turnover of 5 lac within a year. I just make an investement of 5 lac a year back. Now I am the owner of 20 lacs this despite paying a significant money to the UG. But yes it is neither a gambling nor a source of easy earning of money. It involves a high coordination of mind and hardwork, of investing the money in the right place. The probability of succeeding through gambling is ‘you win once if you are lucky, then you lose twice’. So, you are back to square one. An aunt of mine just lose 2 lac, because she didnt agree with us. She even insisted us to invest 50 thousands but we didnt. So maybe we saved 50 thousands, although I feel sorry for my aunt and many others like her. Lol!
I personally feel sorry about the incident but it has to happen oneday. why we Manipuri wants easy money. there is nothing short cut to become a rich man. you cannot become rich overnight. This networking business is something to make few person rich from the hard earn money of thousand people. How much wealth has been pump outside the state by each network business is beyond imagination. So, wake up manipuri and it is not that easy to earn money. start salt business instead. You cannot have a business by sitting idle. Dhirubhai ambani took a lifetime to leave his asset for his family.
WELL WELL WELL ! I’M FINE, I PUT JUST 1.5 LAC JUST 2DAYS AHEAD OF SHUTTING DOWN OF SERVER. I LAUGH WHEN I HEARD THE NEWS OF… BCOZ BEFORE INVESTMENT I NEVER THINK, N KNEW THAT THIZ WILL CRASH SOON ….. IT’S JUST GAMBLING AND NOTHING ELES.
SORRY FOR THOSE PEOPLE WHO THINK AND PLAN B4 ITS INVESTMENT.
GOVT SHOULD CONTROL THESE TYPES OF COMPANIES.RBI SHOULD BE ON ITS HEAD . .IT SHOULD BE APPROVED BY RBI AND ALL LEGAL DOCUMENTS SHOULD BE ON RBI WEBSITE .
its also a way of livin nvr 2 loose hop its gambling each might get lucky by chance n will try again n again
we know its risky
you might also die at ur staircase, thn r u nt gonna use tht staircase
A person just need to do some calculation before investing money. No genuine functioning company will give exessive amount (unproportionately high rate of interest) where every benefit goes to the public and no benefit go to the company. Company cant work where it has to incur losses. A person cant go on believing when someone speak blah blah blah! We should atleast have the mind to check in the internet whether the company is genuine or not. Otherwise it seems like some wise took away the hard earned money of the fools! Excuse me for using the words like ‘fool’ but I guess person need to be highly vigilant while dealing with money matter. Even the case of dragging to the court may not work when the company is fraud or person is lost/doesnt exist.
Hope this news item will be a lesson for the general public, in particular the citizens of Manipur.
Please never invest your hard earned money on such firms blindly. 90% of them are frauds. Go for reputed, established firms. If a firm comes and say we will double your money in 3 months just run away. Don’t be tempted by the offer. Money doesn’t grow that fast. If making money was that easy everyone would have been rich.
Such kind of easy earning techniques have occupied a place in the minds of our innocent peoples and now going to be worsen than AIDS problem. Our peoples started mortage of gold/ornaments/taking loan etc. to join and invest for easy return. Many such fraud networking investment problems occurred in the past in our state but still no one hesitate in joining. Still peoples are investing in many way. It will be helpful to find out detailed information of these firms/agencies and make aware to the public through the media.
Domain Name: JITMARKET.COM
Registrant:
jitmarket
vijay dhariwal ()
Amrali,Banglore Road
Banglore
karnataka,560002
IN
Tel. +91.8928099454
Creation Date: 02-Sep-2010
Expiration Date: 02-Sep-2011
Domain servers in listed order:
ns2-twity.websupporters.com
ns1-twity.websupporters.com
Administrative Contact:
jitmarket
vijay dhariwal ()
Amrali,Banglore Road
Banglore
karnataka,560002
IN
Tel. +91.8928099454
Technical Contact:
jitmarket
vijay dhariwal ()
Amrali,Banglore Road
Banglore
karnataka,560002
IN
Tel. +91.8928099454
Billing Contact:
jitmarket
vijay dhariwal ()
Amrali,Banglore Road
Banglore
karnataka,560002
IN
Tel. +91.8928099454
Status:LOCKED
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