Press Release: Investors of PayGD Enterprises

Investors of PayGD Enterprises Appeal to Manipur Police and Competent Authority to Take Action against Kshetrimayum Manglemjao Singh, who Has Duped Rs 80 Crores from 3000 Investors.

Imphal, 8 April 2022  —  The victims of PayGD Enterprises Kakching have filed a police complaint against Manglemjao Singh, the owner of PayGD Enterprises, and his associates, who have duped Rs 80 crores from 3000 investors. An FIR 27(03)2022 KCG PS under section 406/428/467/468/471/120B of the Indian Penal Code for the criminal breach of trust, Cheating, Forgery of valuable security, using as genuine forged documents, and electronic record with criminal conspiracy is registered at the Kakching Police station. 

The victims have also filed another complaint at the Competent Authority, the Commissioner (Power), the Banning of Unregulated Depository Schemes Act 2019, Government of Manipur, Manipur Secretariat, Imphal, Manipur on 16 March 2022 against Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates. 

Victims of PayGD Enterprises appeal to Manipur Police and the Competent Authority to take action under the Banning of Unregulated Depository Schemes Act 2019 against Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates. If no action is taken from the police and the competent authority by 16 April 2022, the victims will seek intervention from the Honourable Manipur High Court by filing a writ petition to direct the police department and the competent authority to take action as per the Banning of the Unregulated Depository Schemes Action 2019. 

Kshetrimayum Manglemjao Singh and his associates have been running Ponzi schemes under the banner of PayGD Enterprises, alluring people with a promise to give high return commission for the last several years. The victims did not know the trick of Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates to allure people and dupe their hard-earned money. More than Rs. 80 crores from 3000 people from Kakching and other places were cheated by Kshetrimayum Manglemjao Singh and his associates. 

The victims of PayGD Enterprises appeal to the Honourable Chief Minister of Manipur, Shri N. Biren Singh to look into the grievances faced by investors. Under his leadership, Shri N. Biren Singh has adopted the Banning of Unregulated Depository Schemes Rules in 2021 and appointed the competent authorities. The victims appeal to the Government of Manipur to implement the above-mentioned law to stop the Ponzi schemes run by the known and unknown swindlers in the state. 

Investors Demand the following Actions: 

1. Arrest Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates immediately and bring them under the law of the land. 

2. Attach the moveable and immoveable assets under the Banning of Unregulated Depository Schemes Act 2019 immediately, that Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates had accumulated with the money collected from the investors. 

3. Freeze PayGD  ICICI Bank account number 204005007584 at Thoubal Athokpam branch immediately and trace the route of money collected from the investors and diverted to different sources. The people involved in the transaction of the fund collected from investors should be investigated under the provision of the Banning of Unregulated Depository Schemes Act 2019.

4. Freeze Bank Accounts and Demat accounts belonging to Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates immediately. 

5. Disburse the hard-earned money of the investors by disposing of the moveable and immovable properties, which are accumulated by Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, their associates and by recovering fund diverted to their family members, their relatives, their closed associates. under the provision of Banning of Unregulated Depository Scheme Act 2019.

The investors of the PayGD Enterprises will take further democratic steps if their grievances are not addressed by bringing Kshetrimayum Manglemjao Singh, his wife Kshetrimayum Ongbi Sitabali Devi, and their associates under the law of the land. 

Released on behalf of the victims of PayGD Enterprises, 

Ningthoujam Robinson Singh (Petitioner)

Erum Ningthou Pareng Makha Lou Kakching, Manipur 

Moirangthem Madhuchandra Singh (Petitioner)

DSA Ground, Turel Wangma Kakching, Manipur 

Haobijam Premchand Singh (Petitioner)

Heidroipokpi Leikai, Tokpaching, Manipur  

Thiyam Tombisana Devi (Petitioner)

Turel Wangma Kakching,  Manipur 

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