TODAY -
Engineer, who cheated investors sent to jail with an associate
Source: Hueiyen News Service

Imphal, October 30 2010: The executive engineer, prime accused in the fraud Jaines International Trade (JIT) Market and booked under relevant section of chits and money circulation schemes (banning) Act 1978 has been sent to jail along with one of his associate investment partners.

They were sent to jail after producing in the court on Wednesday.

Seventeen other who were arrested by the police during the course of investigation into the case were released on bail on the same day.

Singjamei police of Imphal west district picked up Huidrom Nandakumar (55) of Khagempalli Panthak, an Executive Engineer in Manipur Development Society on October 15 after registering a regular case against him and his associates under section 420/423/120-B IPC and under section 4 of Prize Chits and Money Circulation Schemes (banning) Act 1978 of Singjamei PS.

They were charged of cheating and thereby dishonestly inducing delivery of property, or the making alternation or destruction of a valuable security) and prize chits and money circulation schemes which is banded under Prize Chits and Money Circulation Schemes (banning) Act 1978 .

The case was registered on October 17 on received of complaint by Thoudam Nilamani of Khurai Thoudam Leikai stating that on October 10 at about 10.30 am Huidrom Nandakumar Singh and his associate investment partners of Jainex International Trade (JIT) market collected a sum of Rs 50,000 from him as well as a huge amount from other persons as their down line investors on the pretext of investing the said amount of money in an international financial trade networking and style of Jainex international trade (JIT) market at Khangempali Huidrom.

While alleging of collecting Rs 1000 as an enrollment fee in the said business (JIT), the complainant stated that he and other investors come to know that the website www.jitmarket.com published and printed as shown in the leaflet so distributed by the said accused and partners cannot be trace out in the internet.

His ID client no.as given by JIT is TH073804.The accused and his partners hatched as conspiracy to cheat and defraud the general public for their personnel benefits and gain through use internet.

Police arrested 19 business associates during its course of investigation in the last around 10 days and produced them in a local court in Imphal.

Seventeen of them were released on bail but Nandakumar and his main partner, Khuraijam Seityajit of Singjamei Chingamakha Oinam Leikai, Imphal were sent to jail.

Police has able to re-collect Rs 31 lakh out of estimated Rs 50 crore collected by Jainex International Trade (JIT) by luring investors with the false promises.

The police source said that they had recovered Rs 23 lakh, a laptop and a mobile phone from Huidrom Nandakumar, who introduced the network in the state and Rs eight lakh from Khuraijam Seityajit.

Apart from this, police has seized banks accounts in the names of the agents of the network.

However, the bank account of the company in a bank outside the state is yet to be frozen.

During the course of investigation, police has established that persons involved in setting up the JIT Company had recently tried to hold a meeting with the investor with the intention to lie that its head office is going to be opened at Mangalore.

Police also said that more persons involved in the crime are still at large.

Police are making all efforts to collect evidence to take up appropriate actions in this sensitive case.


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