VISAREV investors left high and dry again


IMPHAL Dec 22: VISAREV, an alleged internet pyramid network operating in Manipur has not kept its promise yet again of paying its investors their dues by December — a promise made after Imphal Free Press exposed its fraudulence.

After its failure to pay investors of the state since October last, Visarev in contradiction of its earlier advertised statement that payments will be made within December has not translated into reality and has announced that it will not be able to do so.

Investigating the matter , IFP got hold of a ‘message’ circulated to the main investors in the state by the CEO of UNIGROUP ,namely one James and the message reads, “Dear members, we regret to inform you that due to the current economic downturn, we at Unipay2U/Visarev have not been spared from the global financial crisis. We are seriously working closely with our team to restructure and overcome this unexpected situation”.

It further said “As we understand your concerns as we are too for our entire faithful member and their well being and we can certainly understand your difficulties and shortcomings at this stressful time”.

The note also appreciated the patience and understanding of the investors “during these few months and are assured we will overcome this setback eventually and our goal is to settle all overdue payment to our dear member to date by 31st Jan 2011”.

The note further said “as the CEO and founder of this company I sincerely believe that without the support of our member we wouldn’t have succeeded till today but unfortunately we are facing some difficulties t this point of time and, I humbly requesting our member to be patient and supportive during this tenure”.

“My sincere request to all our devoted members, please be positive and have confident in me and the company as so much people have their life change from this company” it said.

It also quite audaciously said “If you can refrain from flooding us with emails and phone calls, it will be much appreciated as we can focus our time on the restructure program and other duties”.

It may be noticed in the message that, no clear cut date is fixed but the company assures to overcome the setback and their ‘goal’ is to finally settle the payments by January 31.

The message of an MNC’s CEO has grammatical mistakes ,plus the CEO appeals not to make complaints over e-mail and phone calls which is unheard of in any other legitimate reputable companies. It is also a false statement that there is a global financial crisis at present as stock exchange profits have gone up nearing the end of the year.

Further, it may be mentioned that a press clarification slandering the name of IFP was carried in two reputable newspapers in the form of an advertisement that Visarev will pay out investors by the end of December 2010 ,which as per the present scenario have apparently mislead the public. The new message of the CEO is veiwed as a delaying tactics to pacify investors from making complaints.

Victoria, an investor of Visarev told IFP, “ I have invested 4 lacs in Visarev this September last and have not got any payments still . I have been text messaged that so and so much dollars have been deposited to my account on Axis bank through Unigateway2U. But when I go to the bank, no amount has been deposited apropos the sms that I have received so far. It’s very frustrating as there is no competent authority for redressal, the only money I got is still only in words through my mobile phone”, she further expressed doubt on getting back her principal investment, doubting the credibility of Visarev.

It may be remembered that no competent authority of Visarev is present in the State and the claims of the company allegedly based in Malaysia conducts business through an internet website , which can be hosted by any computer professional.

The fate of apprehensive Visarev investors still hangs in the balance in the question that whether their investments will be recouped or not.


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