Another pyramid networking scheme falls; angered investors warn of legal actions against introducers

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IMPHAL, November 11: After several pyramid networking schemes had duped the people of the state in crores of rupees, the newly formed Global Wing Index Investors’ Development Action Committee has claimed that another financial scheme, the Global Wing has duped its investors and the leaders of the said financial networking scheme has vanished from the state.

Speaking at a press conference held today at the Manipur Press Club, committee president L Chaoba claimed that the networking scheme has failed to pay its investors their monthly due returns for more than six months leaving the investors high and dry with huge financial burden.

He identified one Ningombam Raju Singh of Uripok as the main leader behind the Global Wing, who along with his associates has vanished from the state. The scheme has duped its investors of about Rs 61.48 crores from 23,401 investors in the state, he further charged. He also added that of the 23,401 around 50 investors including ministers and bureaucrats have already enjoyed maximum benefits. Among them include IFCD minister N Biren and Thoubal SP Radhesyam, he further charged.

He further charged that some of the leading introducers of the scheme are still in the state after receiving their maximum return benefits that include various ministers and bureaucrats.

He elaborated that after introducing the scheme to a large number of investors, the top leaders of the schemes after collecting their investments ranging from Rs 10000 to Rs 10 lakhs have vanished.

Further elaborating on the workings of the scheme, he further charged that the investors were assured of 25 percent of their investment as monthly returns; however the leaders have failed to pay off the returns since more than six months.

The committee president further lamented that the newly formed committee will ban all networking schemes from the state without any valid recognition.

He further informed the press conference that the committee will collect 10 percent from the top introducers who have already received maximum benefits from the schemes to reimburse some of the investors who have been duped by the scheme.

General secretary of the newly formed committee, Venus Singh supplemented that the committee will organized a public meeting on the issue of fraudulent financial schemes on November 13 at Keishamthong Top Leirak Babumayum Mandop near Ram Lal Paul Higher Secondary School.

The committee will provide public awareness on the fraudulent activities of such financial schemes and its leaders and highlight the names of the leaders involved in the Global Wing Index during the public meeting, he informed.

He further warned that the committee will publicised the photos of the top introducers who have gain maximum benefits if they fail to give ten percent of their returns to the committee and further take individual legal action against them.

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