Mizoram police have initiated a probe
into a mutual fund scam in which a large number of gullible
depositors were duped of crores of rupees.
A statement issued by the police said a criminal case has been
registered against Aizawl-based Mizo Overseas Employment
Agencies in connection with a mutual fund investment fraud,
which was allegedly committed in the name of SBI Mutual Fund.
According to police, the co-owners of the firm – J Rosangpuia and Malsawmtluangpuii – have been arrested and both
are currently in police custody.
The duo, who was arrested on November 4, had allegedly collected over Rs 2 crore from villagers of Darlawn
and Thingsulthliah promising them 24 per cent interest
on their deposits.
Earlier last week, the State Bank of India (SBI) regional
manager L P Lalchangkima had issued a statement saying
that Mizo Overseas Employment Agencies had collected
money from depositors in the name of SBI Mutual Fund
without the knowledge and approval of the bank.
“The SBI regional business office has nothing to do with
Mizo Overseas Employment Agencies, and promising 24
per cent interest rate to depositors is illegal,” LP Lalchangkima had said in the statement.
Mizo Overseas Employment Agencies is a non-banking, nonfinancial firm, primarily involved in providing employment to
Mizo youths abroad, and is owned by J Rosangpuia, an NRI who
used to live in the United States, and his partner Malsawmtluangpuii.
It has been reported that J Rosangpuia is a green-card
holder in the United States and returned to India recently.
Sources said Malsawmtluangpuii allegedly has a history of
fraud and was arrested and convicted in 2014 for her involvement in a banking scam when she was serving as a manager
of Lushai Hills Finance in Champhai.
Earlier in 2008, a multi-crore-rupee ponzi scheme was
busted in Mizoram, which was considered to the largest
such scam in the State. That ponzi scheme was operational
for around two years and the collectors had taken crores of
rupees from depositors – including government officials,
businessmen, professionals, faith-based organisations and
pensioners – before the scheme eventually went bust.
Assam Tribune CORRESPONDENT AIZAWL, Nov 17.
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