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Law To Protect Investors Mooted

IMPHAL, May 5: A seminar cum public meeting on ‘effects of investment in multi level marketing and networking’ was held today at GM Hall here under the aegis of Visarev Investors Association.

The public meeting mooted the need to enact a law which can protect investors from fraud companies.

Among others, the meeting was attended by Sanaleibak Editor A Mobi, legal advisor Khaidem Mani and MU Assistant Professor Chinglen Maisnam.

Khaidem Mani noted that large number of people invested huge amounts of money in dubious multi-national companies even going to extent of selling off their properties with a view to earn easy and quick money.

As most of the people did not have adequate information about the companies to which they invested, at the end most the people ended up being duped and befooled.

Noting that the Tamil Nadu State Assembly has en- acted a law for protection of interested depositors/investors in financial establishments; Khaidem Mani said that the same Act guaranteed investors the right to get back their money.

Through this Act, the investors can take the fraud companies to law courts.

Observing that the Government of Manipur should enact a similar Act in view of the recent cases of swindling huge amounts of money from investors by fraud companies, Mani said that those fraud companies can be punished accordingly if the State has such an Act.

He asserted that all financial institutions and networking companies which did not follow due legal procedures should be closed immediately with the help of law.

Those frauds who were working as agents of these dubious companies at their own homes luring gullible people to join their companies by giving false and in- complete information  should also be punished according to law.

Noting that fraud marketing and networking companies have become a very serious issue in the North East, N Phillips said that next time people should investigate properly and see that the companies or agencies have the necessary license of the RBI and whether or not they are functioning  in conformity to the Foreign Exchange Regulation Act before making any investment.

(Courtesy: The Sangai Express)

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