IMPHAL, July 12: In the wake of action being taken up by the government against Multi Level Marketing schemes in the state, the United Investors Trust, in a press release by its managing trustee N Premananda, has made some clarification regarding the functioning of the scheme and its operations.
The UIT clarified that the investors of Multi Level Marketing scheme Visarev Network categorically classified its investors into 4 layers.
It said the “1st layer“ investors consist of the agents, who introduced the scheme with confidence and surety in the state and benefited most through referral bonus while the “2nd layer” investors are those who promoted a long chain of down lines, and has handsomely earned from referral bonus exceeding the initial capital investment made.
The“3rd layer” investors are those who promoted down lines and has not got back sufficient amount from the rebate as well as from the bonus to recoup the capital invested. But this group of investors who have bore the brunt of their down lines, investors who are the worst affected are at the 4th layer which consists of those who has not yet promoted any down lines to get bonuses nor got back their invested principal amount as promised by the scheme.
It further states that the United Investors Trust was formed mainly from the 3rd and 4th layers after several rounds of talks with the 1stand 2nd layers group of investors. It was also done after confirming that the UNI Group of Companies has evaded all sort of payment to the investors giving false promises with extending dates again and again for making payment. Realising the sinister design of the CEO of the UNI group of companies, the investors who were affected beyond redemption frantically tried to bring an amicable solution with the up lines in 1st & 2nd layers category but they avoided communication of any sort by cutting off contacts. When all attempt to persuade them to make some arrangement to solve the crisis became unsuccessful, the worst hit investors collectively resolved to form a body through a series of meetings. Every step has been done with prior information through local dailies and had invited everybody without any discrimination to solve the common cause.
The release further said why and how an investor has been victimised is solely due to top leader’s irresponsible attitudes, failure to safeguard the interest of their affected down lines and failing to communicate any sort of development with their concern down lines, whom they have sponsored. The United Investors Trust does not give room for biasness on any individuals but rather concerned on collective effort to substantiate the responsible and to lessen the burden of losses of an individual.
This Trust though too late has also realised the grave mistake of investing in such Multi Level Marketing schemes and that the full amount of losses cannot be redeemed back. The United Investors Trust only wants that all investors should honestly and sincerely involved themselves and make a concerted effort to minimise the losses. The UTI was hopeful that the so called agents and leaders will make an all out effort to reimburse some significant percentage of the invested amount as they have promised and as published in the local papers. On the contrary they are still on the hiding without informing or disclosing what is their output in the said matter. It is indeed ridiculous to find their claim to have done something worthy for the effected investors whom they have lured only after being accused. The Trust solely believes that the person who introduced the scheme should bear certain amount of responsibility and cooperate in the effort to recoup the invested amount made through their influence, otherwise the person shall be treated as a swindler and should accept the same, it concluded.
