IMPHAL July 24: United Investors Trust (UIT), shedding new light in the Visarev scam. has initiated a policy for redressing the losses of the investors.
Chairman of UIT, Rojen Sinam briefing media persons at Manipur Press Club today said that the body appeals to the lead role players ,mainly those who have profited in the tune of crores from the scam to extend a helping hand.
He explained that more than seventy thousand investors from the state put their money in the hope of getting profits. The pyramid scheme benefits only the uppermost level of the pyramid and most of the downlines are the losers.
Through bonuses and referral income got from roping in investors (downlines), those investors at the top has earned crores, which surpasses their initial investment. The UIT has devised the policy that those who are just next downlines of the main agents can play a vital role in helping the bankrupt investors get at least a substantive amount back.
“ For example if someone has invested one lakh in the scheme, it is possible to recover at least Rs 56,000 back from the policy we have chalked out, we just need the cooperation of the main agents and those who are in the second layer” ,Rojen said.
Explaining in detail he said that Visarev is a pyramid scheme and consists of layers of investors. It is fact that the company CEO has collected crores in the first stage and the money goes to the top masterminds. After the downlines begin to add other layers, after the successive 11th layer, the company no longer takes in profit but the invested amounts of the later downlines are divided amongst the down lines themselves in percentages in the form of bonuses.
UIT calculates that an agent in the first layer like Kumar Kom, Victor, Jiranjit gets at least 20 crore 46 lakhs just after having 11 layers of investors underneath them. The layers beneath them runs into hundreds and the successive second layer (the 11 layers) also gets a huge profit margin.
Rojen said that it is not justified nor financially feasible for a single agent to pay out the losses of the later downlines. UIT calculates that if an agent or an individual belonging to the second layer pays out 6 percent from their profits. Then the accumulated percentages will be able to provide relief to those who have never got any returns, they can get back at least 56% of their invested principal amount back.
“We want the problem to be solved, for both agents and investors. UIT has worked out this policy in mutual interest and hopefully, the concerned will endorse it. We have got positive replies from those in the second layer. But if they refrain from obliging, UIT has only one resolve to extend the FIR to them also”, Rojen said. It may be mentioned that a case has been registered to the police against 11 main agents of Visarev .
He added that a protest rally and a sit in demonstration will be observed at New Delhi at Jantar Mantar on August 3 by investors from across the nation and UIT representatives will also attend the protest.
He further appealed the concerned and the absconding agents to act in the interest of the public as to bring about an amicable solution.
More than 3000 crores have been estimated to be invested in Visarev by investors of the state.