Police register a cheating case against Visarev agent in Manipur
Source: Hueiyen News Service
Imphal, May 20 2011:
After government imposed a ban on Multi-Level Marketing (MLM) schemes which fall under the Money Circulation Scheme, police has registered a case against Visarev Network, an investment company which had cheated hundreds of investors.
As per an order issued by the Manipur government on Monday, May 16 money investment schemes which touch upon marketing goods, services, drugs and healthcare products were prohibited in the state.
The thriving schemes were prohibited under the Prize Chits and Money Circulation Schemes-Banning, (Manipur) Rules, 1978 and other relevant sections of various Acts under Section 420 of IPC (cheating), and under, Drugs and Cosmetic Acts 1940, Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954, etc., the notification had informed.
The Visarev Network was in the news for the last six months after it allegedly failed to meet the announced dateline for payment on several occasions.
A source said that police has registered a case under section 420 (cheating)/406 (criminal breach of trust) against the agent of the Network Sagolsem Robindro Singh following a written report lodged by an investor of the Network, Irengbam Gohen Singh.
In his complaint, Gohen reportedly alleged that Robindro introduced him to the Network a year back in April and insisted him to register with Visarev Network Company by investing a sum of ' 50,000 and gain a big income.
Following his repeated insistence, he handed over the amount of ' 50,000 on July 27 of the same year in presence of his friends.
Later, the agent succeeded in inducing him to invest more amount and he invested a total sum of ' 7 lakh on different subsequent days.
He made payments of ' 5 lakh each on July 28, August 12, September 6 and 16, October 16, October 29, November 3, 4, 7, 9, 11, 29 and 30 as per his complaint to the police.
Robindro has been missing since then for the last five months or so.
Gohen said, apart from him Robindro had also induced many others in investing huge amounts of money.