MD flees with investors' money
Source: Chronicle News Service
Imphal, October 18 2022:
Human Resource Development and Welfare Society president Takhellambam Gagan has alleged that United Farmers' Development Co-Operative Bank Limited and Manipur Rural Agriculture Development Co-Operative Bank managing director Nongmaithem Bihari has fled along with Rs 40 crore collected from 1000 investors.
A large number of enraged investors rushed to the residence of Bihari located at Sagoltongba Makha Leikai on Monday and staged protest.
Speaking on the sidelines of the protest, Gagan informed that the investors have been waiting for the last six months as per the request of the managing director.
However, he disappeared and his house remained locked.
Previously, a complaint was registered against Bihari at Patsoi police station.
Subsequently, he was summoned but never appeared at the police station.
While informing that branch offices of the private bank are located at Tera, Kwakeithel, Nambol and Uripok as well, Gagan urged Bihari to come out and have a talk with the investors within a week.
If he ignores the call then his house will be locked arid seized by the investors, he cautioned, while adding that all the consequences should be borne by those who try to break the lock.
Moreover, the house may even be auctioned if needed, he continued, while urging the government to take up actions against all unregistered banks.