Imphal, October 15 2010: In yet another case of conniving business ensnarement, some 3000 investors from Manipur have been tricked of their money running upto about ' 50 crore.

Jainex International Trade (JIT) is a network based business launched in Manipur on September 21 this year and began actively mobilizing support and investment a week after its launch.

The business in Manipur was pioneered by one Huidrom Nanda Kumar, 55, of Khagempalli Panthak.

He is an Executive Engineer in Manipur Development Society.

Information culled from the spot suggests that around 2000 investors had advanced their hard earned money into the treasure chest of the infamous JIT anticipating hefty returns.

They had no inkling that they were going to be deceived this way.

The shareholders who had been promised of stellar profit began to sense trouble when the website of the company wherein their incomes are generated was inaccessible.

One investor whimpered that since yesterday morning they were unable to login and by noon it had gone off the cyber space without any trail.

"Sensing foul play and deception and getting panicky that we are going to lose our investment we gathered here to inquire", said another investor.

Some hundreds of investors had gathered in and around H.Nanda Kumar's house this morning to take stock of their investment.

According to sources from the spot, the investment starts from ' 6,000 upward.

Some reportedly invested 2-3 lakhs.

The modus operandi of the business model at JIT elucidated by a dismayed investor is thus: "According to the amount invested we are credited the return in our account on everyday basis through the website of the company.

Income is calculated through Direct Client Funding and Binary Funding Ration at the rate of 12-15% and 10% respectively" .

Another investor completed the story saying, "We could only access our earning through a website account without the provision to withdraw before 15 days." "And sadly", he continued, "It has not yet been 15 days for us to be able to withdraw the money from our accounts" .

"Investment money is not directly deposited in the bank but surrendered to H.Nanda Kumar", said another client lamenting that he should have known from the start that they have been taken for a ride.

Interestingly, while the administrative office is located in Bangalore , the bank account of the company is traced to Pune branch of ING Vysya Bank.

On being confronted Nanda Kumar is reported to have said that he too has lost contact with the two persons from Bangalore with whom he claims to speak 3-4 times a day over the phone.

He tried to reconcile the crowd saying that he is trying hard to locate the two Bangalore based persons since yesterday but to no avail.

But the infuriated mob was not in the mood to listen to him.

The two persons from Bangalore hinted by Nanda Kumar have been identified as KN Singh and Rajiv.

According to a brochure obtained from the site of protest, JIT was founded by Jairdes Nexblim, a Chinese national, in 2004 in China .

It is based in Bangalore in India with an ING Vysya Bank account bearing A/C No.509011017895, IFSC/RTGS code: VYSA0005090 and PAN No.AXIPD8953C .

Meanwhile, Manipur police have picked up the accused H.Nanda Kumar from his residence.

However, until the filing of this report no news of an FIR being filed against anyone regarding this case was forthcoming.

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