13 arrested in Jainex network investment fraud case

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IMPHAL October 21: The state police have arrested 13 persons including a woman in connection with Jainex International Trade fraud case and have managed to recover Rs. 30.95 lakhs from two persons.

The fraudulent network investor firm allegedly duped investors of close to Rs 40 crore.

The alleged kingpin of the network in the state has been identified as Hiudrom Nandakumar, 50, son of late Ibopisak of Khagempalli Pankha Hiudrom Leikai and he was the first person to be formally arrested in the scam on the October 18 following an FIR lodged by an investor.

Following Nandakumar’s disclosure, police have recovered 22.95 lacs from his residence found stored in a cement bag and have arrested another 12 persons.

They are identified as (1) Rk.Sangeeta (40) w/o Rk.Rajen of Singjamei Leisangthem Leikai,(2) Khuraijam Sheityajit Singh (38) s/o Raghumani of Singjamei Chingamakha Oinam Leikai ,(3)Nongthombam Brojen (43) s/o late Tharojao of Keisampat Thiyam Leikai(4) Yambem Milan (37)s/o Y.Pishak of Uripok Khoisnam Leikai (5) Shijagurumayum Ningthem (36) s/o late Gopendro of Uripok Khwaiba Mapu (6) Thokchom Dilip (35) s/o Mani of Singjamei Chingamakha Irom Leirak (7)Hidangmayum Devkishore (38) s/o Pishum Ningom Leirak (8) Rk.Devenkumar (43) s/o late Manisana of Ningthoukhong Radha Mandop Leikai (9) Hijam Raju (38) s/o late Lamphel of Singjamei Bamon Leikai (10) Laishram Amar (35) s/o Mani of Kwakeithel Tiddim Ground (11) Khangembam Kuleshor (55) s/o late Nillachandra of Singjamei Kongba Road (12) Yumnam Bhumeshor (27) s/o Shyamsunder of Lamding Mamang Leirak at present Yaiskul.Police recovered another 8 lacs from Khuraijam Sheityajit.

All the arrested persons have been produced before the judicial magistrate first class, Imphal East and have been remanded in police custody for 8 days.

They will be produced before the magistrate again on the October 27.

They have been chargesheeted under FIR 214 (10)2010 SMPS under section 420,423/120 of the Indian Penal Code and other minor Acts under section 4/5/PC (price chit) and MCS (money circulation scheme) Banning Act 1978.

The charges amount to cheating, fraud, conspiracy etc and is punishable by 7 years in jail if convicted.

Police sources stated that the case is in an inquiry stage and further arrests have yet to be made according to the complaints of the downlines(investors).

It may be mentioned that Jainex Internatoinal Trade or JIT Network duped thousands of investors of the state as the website hosted by the alleged company offering financial services became unavailable on October 15.

According to reports, some 3000 people of the state have invested money on JIT network ranging from Rs 50,000 upto 10 lacs individually from September 2010 onwards and more than Rs. 40 crores are speculated to have been deposited by the investors to the JIT network account.

4 COMMENTS

  1. I will briefly explain about all this hyip(high yeilding investment plan) companies:(*please make a note of it for all those who believe in my word)
    1. A fool goes outside and finds an mlm hyip companies for which he does not know any background information and only thing he knows is the company pays directly to his account. (for some time)
    2. He thinks he can earn from so called binary plan and sponsorship and he tells his friends of his state. They also tells all kind of things like they know the company well. Some companies provide foreign address so that people will not be able to contact the company.
    3. From freinds the root of networking started. But here one thing happens, the daily or monthly rebate the software generates (autogenerated according to system organisation planted in the software) is the particular concerned of a networker because he thinks that the rebate which comes through message is the real money. But in real it is not the real money until and unless a request has not been sent to the owner of the software to deposit the said amount into his account.
    4. Now here no one is getting money from the company. They get it from their friends or relatives, downline or uplines by selling their digital dollars for buying new pins or investing further. Now when these dollars become numerous in number, alternative option is withdrawal in to the bank account. Now, they start changing company policies like account to account transfer charges implemented or increased, withdrawal charges increased so that no one withdraws into the bank which in turn is a loss for the company. So they go directly to the uplines and complains. The upline for some time pays out their rebate. But due to non availability of the funds in plenty withdrawal into the bank account becomes the last option.
    6. At this stage the company runs away. And the sole responsibility comes to the fool or fools who brought it in the state. And what they do. They start another network to clear their downline debt. But same thing happens with the later one again.
    Here what i suggest is join network business at the earlier stage if you dare. And if u dare you may get slapping, stoning or a big blow. So please be careful networkers.

  2. I am asking why manipuri people are so much interested in networking business and the answer is they want easy money. They do not believe in wealth aquired from hardwork. It is recently that i talked with one of my friends regarding the fraudulent done by some internet based companies that they are not paying to their investors regularly. And he replied ” yes, the company is not paying, so let us quit this and start a new networking business whose top leader will be us”. Hahhaha so funny, he does not care about the future outcome. Everyone is busy about easy money, money earned from the rotation.

  3. Instead of freezing the bank account of the company and extracting the information from the owner of the bank account, what shall we do by convicting a mere agent. We will be happy if the real owner of the website is caught as he is the real culprit in the scene in my opinion.

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