The scam of the private investment schemes
- Hueiyen Lanpao Editorial :: May 19 2011 -

THE NAME is man, the game is deceit, fraud and treachery. Human beings are by nature gullible and it takes the wits of just one person to cajole us to bray in public.

In Manipur lately, among the middle class and the nouveau riche, it had become the fad to be part of fraudulent investment schemes which promised the moon to one and all.

It was the proper and done thing to discuss before and after meals as to which scheme one had thrown his lot in, and how that particular scheme of his choice was exceeding all expectations in performance.

Like the English talking over world issues over a cup of tea, here it was the in thing to discuss the performances and benefits of a Jainex International Trade Market or a Visarev. It was all polite talk and people would banter with one another and jocosely ask 'Why not join my scheme. It seems mine is doing better than yours.'

This very much reminds one of the infamous 'South Sea Bubble' scam in England which started circa 1720.

Thousands of fictitious firms burst into the scene and promised huge and instant financial gains if the people were to invest in British mercantile business in South America.

It was the talk of the town, and Lords, Ladies, Barons and any rich person invested their lives' savings in the journey to the end of the rainbow. And who would not have believed it, after all His Majesty George 1 had also invested through two of his mistresses.

So audacious were the swindlers that one scheme simply asked people to invest 'for carrying on an undertaking of great advantage but no one to know, what it be'. This one alone attracted £ 2000. The present day value will be considerable.

But the bubble burst and for some years suicides of investors became a daily routine, more often than not, husband and wife who had invested their gold, cash and land, on realising that they had become paupers simply decided to end a fine day by jumping off from the roof of the nearest tall building.

One would presume that His Majesty George I and his two mistresses strode over the disaster with aplomb because they could afford to, and could possibly have laughed at the tattered lives of the duped investors, monarchs are usually associated with that kind of behaviour, that is, laughing at other people's miseries.

With our customary lack of timing this sordid drama is being played out in Manipur now. Jainex and Visarev have duped the people of Manipur right under the nose of the government.

People who find themselves humiliated are now asking for justice from the government. The government has responded by banning all 'con companies' which operate private money investment schemes.

Deprived of any cloak of decency the duped investors are now openly and unashamedly discussing the most private of details in public. The hush factor has evaporated. Such is the duplicity of human beings.

What are we to do now? We could console ourselves with the knowledge that it is common place for people to make blunders, after all it is a quintessential human frailty which compels us to buy shirts and shoes one size too small.

As human beings we always anguish over poor judgements made against well intended advice.