Imphal, November 16 2010: Imphal West Chief Judicial Magistrate today rejected a bail prayer for Huidrom Nandakumar, the alleged prime accused in the in the fraud Jainex International Trade (JIT) Market and booked under relevant section of chits and money circulation schemes (banning) Act 1978 .

H0wever, the co-accused in the same case, Khuraijam Seityajit of Singjamei Chingamakha Oinam Leikai, Imphal has been released on bail by the court where they were produced for hearing to the bail applications filed to the court.

They were sent to jail after producing in the court on Wednesday.

Seventeen other who were arrested by the police during the course of investigation into the case were released on bail on the same day.

Mention may be made that Singjamei police registered a case against Huidrom Nandakumar (55) of Khagempalli Panthak, an Executive Engineer in Manipur Development Society and his associates under section 420/423/120-B IPC and under section 4 of Prize Chits and Money Circulation Schemes (banning) Act 1978 of PS and arrested them with 17 others.

Police at the time of arrest of Nandakumar had seized Rs 22,95,000 and one Micromax dual SIM mobile phone model X550 with two SIM cards along with three pass books, one for SBI Secretariat Branch and two for Bijaya Bank, Imphal Branch and some cheque books.

In further investigation into the case, police has also able to seized Rs eight lakh, one laptop, one handset and three pass books- two issued by Punjab National Bank, Imphal Branch and one issued by SBI- from the co-accused Seityajit.

They also seized Rs 50,000 from another accused N Brojen and Rs 44,000 from Y Bhumeshwar and Rs 40,000 from Sangeeta along with 14 mobile handsets who had secured bails from the court.

After revealing that Nandakumar introduced the JIT Mareking after he found in through advertisement in internet and spread his networking business on the advice of Vijay Dhariwal who was said to be finance manager of JIT and he came to know through the internet.

Nandakumar sponsored six to seven members as his down line networking and spread over in large scale.

He had sent huge amount of money approximately Rs 5.68 crore to account no.509011017895 of ING Vysya bank in the name of JIT from Sheityajit's account numbers in the Punjab National Bank through RTGS.

Police are on hectic effort to traceVijay Dhariwal, the financial manager of the network with the help of Bangalore police but now no reason has come from them (Bangalore police) but as per received transaction statement of the bank account no.509011017895 of ING Vysya bank found that the huge amount of money has been transferred from the account.

Further investigation into the case, police so far revealed that Nandakumar has collected more than Rs seven crore from the public through his agents in the name of JIT and transferred the amount without verification.

In hearing for bail plea, police gave their argument that the investigation is in initial stage and Nanadkumar may hamper the investigation if he is released on bail.

After hearing the arguments of counsels of both petitioner and respondent, the court rejected the bail application in the interest of investigation and ends the justice.

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