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A huge crowd of investors on Saturday gathered outside the residence of an agent of a non-banking financial company. People accused the Jainex International Trade (JIT) for duping them to the tune of 400 million rupees. The investors demanded refund of their investment after they failed to log on to the company's website since Friday. Memma Devi, a local whose sons had invested 5000 rupees each, said that an action should be taken against the accused. "In fact we were against it. But the larger involvement by many in the network tempted us to join the scheme and invest our hard earnings. The one who has been collecting the amounts is a person from Manipur. So, necessary action should be taken up against him," said Devi. Reportedly, the Jainex International Trade made its presence in Manipur on September 21 and within a week lured people into investing in their company. Huidrom Nandakumar, an executive engineer in Manipur Development Society and the representative of the company mobilised the deposits. Later, police arrested Nandakumar on the basis of complaints lodged by the investors with receipts as the proof. Nandakumar confessed accepting the deposits and told the police that no transaction with the company could be made as its director Vijay Dhariwal was arrested by Karnataka police. Criminal case against Nandakumar is yet to be registered and further investigations are in progress. The investments made by people ranged from rupees 50,000 to 1 million. The brochure of JIT claimed that it is a major financial company of China and offered investment advisory and financial planning services. It also boasted of offering a daily interest of 15 percent for 75 days.

Manipur's investment company dupes thousands of depositors