Visarev investment fails to meet Dec 31 payment deadline

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IMPHAL Jan 5: The Visarev Investment Company has failed to pay dues to investors of the state confirming the fraud it carried out through the internet.

The website of the company had claimed that the backlog payments of investors would be cleared within December 31, 2010 and it is self evident that the claim has not emerged in reality. The company owes several crores as payments have to be cleared for at least three months.

In the meantime, several self acclaimed leaders of Visarev have left the state for Bangalore to allegedly demand that the company clears the debt. It is still not clear of how far that is true as the Visarev Company is based at Malaysia.

The alleged CEO of the company , namely one James in an advertisement on the company website states that investors should come to Malaysia to attend a meeting scheduled on January 12 and should arrive by January 5 at the venue. There is no accurate report on how many investors from Manipur is going to attend the meeting.

It may be remembered that, IFP reported that the Visarev company has collapsed in the paper’s December 8, 2010 edition and two newspapers had carried a misleading advertisement that the report was false and payments will be made within December 31,2010. The advertisement which came in the form of a press clarification was not authentic as there was no name of the CEO, seal or stamp of the company. The bearers of the clarification were also not officials of Visarev , and as per their statement, they were simply running an errand. IFP had refused to publish the clarification on grounds of being unauthentic.

As angry investors have begun demanding their returns, a similar notification allegedly from Visarev began circulating that the payments will be made within January 2010, and the hold up was due to a global financial crisis. It is clear that this notification is forged as there is no similar advertisement in the Visarev website at present.

An investor who wishes to remain anonymous told IFP, ‘I have invested more than 10 lacs in Visarev in August 2010. I still have to get back more than 8 lacs as the company has not paid returns since October last. I am at a complete loss at what to do and where to complain’.

Similar complaints could be heard as numerous investors from all walks of life have started voicing their apprehension whether they have been had.

‘ I am keeping my fingers crossed in the hope that Visarev pays out soon , otherwise there will be so many unwanted incidents waiting to happen’, said another investor.

It is clearly evident that Visarev is a pyramid scam and the investors have run dry.

6 COMMENTS

  1. Please send all the details with you for fraiming a charge against the fraud company to my e mail [email protected]. 2 cases are bing investigated by me against viserev and unipay2u registered in Kerala state┬ádetails of directors/promoters, their contact numbers and current whereabouts amay be send at the earliest.

  2. This is really disappointing having made poor manipuris as a target for all sort of scams that too continuously. Among these unfortunate investors my own mother is one victim who had invested around 60 lacs. Having invested this huge amount she has not even got her return yet.So she has been waiting for the last three months to withdraw the amount she deposited into her account but her uplines are giving her many kind of excuses and all. And now she is still hoping to get the money back.Likewise several others have invested more than what my mother invested that is
    in crore…so like my mother even they are still hoping to get their returns.But now the true colour of the company has come out and
    the consequence of this can be seen everywhere.Truly speaking it has ruined the lives of every
    investor. What I would recommend is that the
    government must put it’s hands
    on it and do a proper investigation and the one who is found to be guilty must be given a stringent
    action against them.And one thing like people must stop involving
    in such so called easy way of making money as the outcome will be definitely unwanted,so
    now it’s high time that people of Manipur to get out of all this stuffs and get away from being befooled in future.

  3. When would the people of Manipur understand the virtue of easy money? There is no good end way of such a means. How many times do we have to show that we are fools? Please do keep a check on such big promising companies before investing your valuable money. Homework is always necessary on your part before surrendering your earnings to someone. Repentance is the best thing what we can do at the moment. May God work on their minds!

  4. VISAREV IS A A FRAUD COMPANY…TOOK ALL MY HARD EARNING MONEY….I SEND THEM SO MAILS….BUT BLOODY..THEY DONT REPLY….THOSE WHO TOOK MY MONEY…WILL DIE SOON..I WISH TO THIS GOD………….MAY GOD TAKE DIER SOULS VERY EARLY…AMEN

  5. I am completely at loss whether i should be empathetic to these fools. Something tells me they should be photographed and make an entry to the Guinness book as the biggest fools of all time.

    I don’t understand why there’s been no FIR against the culprits. The company officials will run away on the pretext of attending conference in Malaysia. Most of this Ponji schemes are run from outside the countires.

    If you want to know all the reports on these scams here’s a consolidated report so far on manipurtalks.com Check the link .

    http://bit.ly/hnM9xy

  6. When will the people of Manipur will learn from the past experiance? This is funny. Even my relatives are active investors of visarevs and some other silly networks.

    When I tried to explain them that the claimed returns are too high to be realistic, I become unwanted. Many half/pseudo educated (harsh word but true) people are running these networks.

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