Another pyramid scam loots public

IMPHAL March 31: Among the pyramid scams which have looted the public of the state, TVI, Forex investments, Jitnex, Visarev, the latest pyramid scheme Global Index Wing seemingly disguised as a real estate investment agency has also failed to clear dues of the investors and the top leaders of the state has reportedly absconded the state.

IFP which has been investigating such fraudulent scams have noticed that the Global Index Wing (GIW), a partner of Welkin Realtech Private Limited is also a company conducting business on the internet, the head office of the company is also located at Singapore and based on the investigation, no such office seem to exists, the marketing sections of the company based at New Delhi and Banglore are also makeshift offices with no proper functioning and is run by the scamsters.

A survey conducted by IFP revealed that more than 40,000 investors from the state have put their hard earned cash in the expectation of getting 25% returns per month for a term of one year. The scheme began sometime at July 2010 last year in the state.

The promotion made by the company was that an amusement park will be set up at Koirengei and a large tract of land has been purchased for that. A foundation laying function was also held last year which was attended by politicians and top officials of the state. The activities of the company has turned out to be a farce which was enacted just to get the confidence of the public to invest in the network scam, according to reliable sources, the tract of land is owned by three locals including some political heavyweights. There is no ongoing construction work for the amusement park at present.

Some makeshift offices of the company were opened around Imphal, the main office was opened at Gambhir Singh Shopping Arcade at BT Road. The rebate paid at the offices were limited upto Rs 2500 per person a day and only about a hundred investors were paid in a day at the office. Scores of complaints were raised as the investors had to camp overnight in front of the office just to make the queue, persons who invested to the tune of 5 to 10 lacs could not get their rebate as the system of payment was impossible to get manually. The offices have also stopped their payments on a manual basis since January last, with the leaders stating that payments will be made through nationalized banks to facilitate the investors. Many investors also tried to open accounts, but being the end of the financial year, opening of new accounts were restricted.

There have been no payments from the company since January 2011 and only a lucky few who invested small amounts got some rebate. Sources also stated that the rebates were deposited to the investors’ accounts just to buy some time and to quell the public ire for the time being.

Some apprehensive leaders and investors becoming doubtful of the circumstances met Parveen Thore s/o Suresh Kumar, a resident of house number 177, Dharam pura, Najafgarh of New Delhi on March 14 and signed an agreement.

The agreement document available with IFP states that Parveen Thore, founder of Welkin Realtech Private Limited tied up with founder leaders of Global Wing Index of the Manipur chapter and promises to clear due returns of the down line investors of Ningombam Raju Singh S/o N Shanti of Nagamapal Singjubung Leirak on or before March 31. Praveen in the agreement states that the capital of the investors will be returned in full if the payments cannot be made within the stipulated time and welcomes the leaders to take any action against him in case of failure to do so. The deadline expires today.

Disgruntled investors told IFP, “We know that we have been conned ,the networks, Forex, Visarev including Index Wing have looted the public of thousands of crores, those with political pull or having muscle power gets their investments back through intimidation, but us ordinary public are left high and dry. The state government instead of remaining a silent spectator should take up some action and try to recoup the public losses, the police should also check the genuineness of such fake companies, we are apprehensive that some politicians and police personnel might be mixed up in the scam also”. It may be mentioned that the leaders of such fraudulent network companies including Forex, Visarev have absconded from the state, one Korou of Forex has absconded with crores and Victor, Kumar Kom including other leaders of Visarev have fled the state with the public money and has remained untraced still. Their scams have affected and bankrupt several families and the Global Index Wing scam is also another addition to the woes.