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March 17, 2011

FOREX mastermind absconds with crores

IMPHAL March 14: Following the expose by this newspaper regarding network scam FOREX achievements and VISAREV ,the alleged kingpin behind FOREX network scam , one Laishram Brajamani alias Korou of Heingang Mayai Leikai has absconded the state with his family and near relatives.
Addressing mediapersons at Keisampat Kangleipak Meira Office ,secretary of All Manipur Forex Achievement Network Association, K Sunil Meitei stated that nearly 300 crores have been collected from more than 13,000 investors from the state by FOREX achievement,the mastermind behind the scam , Korou first promised to pay off investors after the pyramid scheme collapsed last year. He even paid 3 % from his own pocket for the members which joined at October last but could not meet the requirement of the total number of pending payouts of the investors. After failing to keep his word, Korou was hounded day and night by the investors of the network, afterwards he disappeared with his family from February 9 and has remained untraced still. It is alleged that Korou has pocketed an astronomical amount.
Sunil further stated that, following the events, a body (AMFANIWA) was set up comprising of FOREX investors on February 6,the investors have been demanding their investment returns and in the hope to salvage some amount if total recovery cannot be made possible. “We have submitted a referendum to the Chief Minister and Governor of the state to look into the matter so that necessary actions can be taken up. A similar intimation to the Prime Minister and President has been sent by the association today, we hope that the our problems will be addressed unless unwanted violence might erupt in the state”, he said.
The FOREX scam started operation from May 2010 in the state and promised to pay 100% returns for the investors within 200 days. Returns were paid for roping in ‘down lines’ and for matching pair’s benefits. Korou with his close knit team spread the network throughout the state and thousands invested in the tune from Rs 10,000 up to several lakhs onwards. There was some payouts for some time ,but the payments stopped abruptly nearing October last. Following complaints from the investors, Korou and some leaders finally disappeared after pocketing the money of scores of investors.
Sunil further stated that the investors have suffered a huge loss and several families have been affected, some have started suffering from mental trauma following financial breakdown, he said. He further appealed the concerned authorities of the state to inquire into the matter and take up stringent measures so that similar recurrence do not happen again in the state.It may be mentioned that IFP broke the news that FOREX investments had collapsed and subsequently VISAREV, now cracks have started developing at Index Daily ,another suspected network scam. (kanglaonline)

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