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.