Promises of 8-10 pc monthly interest fall flat
Ukhrul investors storm Pandam office
Source: The Sangai Express / Mungchan Zimik

Ukhrul, April 01 2023: Investors stormed the office of Pandam Nidhi Limited, Ukhrul branch located at Viewland yesterday.

The investors claimed that they have been cheated by the financial institution.

Reportedly, the private financial company has been providing banking services and making investment at Algo Tech/ Forex Service under the name Pandam Nidhi Ltd (CIN U65999MN2020PLNO1029) for more than 2 years in Ukhrul town.

Speaking to this correspondent, the investors claimed that the company has not been paying their due since January 2023 and added that they no longer trust the company.

According to them, Pandam Nidhi Ltd signed a "Deed of Agreement" to borrow money from the investors at the monthly interest rate of (8-10 pc) .

Accusing Pandam of disregarding the agreement, the investors claimed that the institution had also reduced the interest considerably without issuing any notification.

Promises of 8-10 pc monthly interest fall flat

"After we lodged a complaint to the branch officer, the company decided to hold a meeting with the Managing Director (MD) on March 31 but the meeting was cancelled," they claimed and continued that the response of Pandam provoked the investors to storm their office.

An investor N Shimrei claimed that he invested Rs 27.5 lakh in the company but hasn't been receiving his monthly interest since the last three months.

He also claimed that Pandam deducted some money in withdrawing his capital money as holding charge against the investment policies.

Ini Gachui said that Rs 34.5 lakh was invested with a monthly interest rate of 8 per cent while W Kashung who claimed to have made an investment of Rs 4 lakh claimed that his personal saving account in Pandam became unoperational since December 2022 .

According to sources, over 500 persons from different villages have invested in Pandam Nidhi Ltd running into crore of rupees.

Pandam has its branch offices at Lamlai, Nambol, Churachandpur, Thoubal, Uripok, Noney, Ukhrul, Senapati, Tamenglong, Saikul, and its head office is located at Nagamapal.

The services available in the bank are fixed deposit, saving account, recurring deposit, loan against property, vehicle loan, electronic item loan, housing loan and daily collections.

The situation was brought under control with the intervention of Ukhrul police.