Grow Manipur Team (GMT) scheme founder Pukhram Maikel along with 12 of his associates had planned an escape to Russia immediately on lifting of Covid restrictions, claimed Manipur Police on Thursday.
Maikel along with seven of his associates were reportedly arrested by Bishnupur district police under the supervision of SP Bishnupur Priyadarshini Laishram on May 21 on charges of defrauding an amount of Rs 29 lakh by GMT from an investor, based on an early enquiry conducted by the district police.
The other arrested persons who are associates of Maikel are his wife Pukhram Babita, 28; his mother Pukhram Rebati, 53; his father Pukhram Jiten Singh, 61; his sister Pukhram Renuka, 28, of Moirang Pukhram Leikai, Bishnupur; his brother-in- law Khandrakpam Bikash Singh, 23, son of Kh Basanta Singh; his sister-in-law Khundrakpam Jenny, 22, of Kwakeithel Makha Thokchom Leikai Imphal, and Keisham Ulen, 24, son of K Akendra of Thangmeiband Sinam Leikai, an associate of GMT.
Police informed that important documents, computers, GMT seals, deed agreements, land records, cash counting machines, valuables, bank documents, debit cards, pass books, receipt books and others in huge quantity related to GMT were seized from the production of the arrested persons from their place of arrests and from the offices of GMT.
Passports and flight tickets of Maikel and his associates were seized from a travel agent from Thoubal, said police.
Moreover five luxury cars, a Harley Davidson motorcycle, cash of Rs 7,66,730 and some gold ornaments worth about Rs 10 lakh were also seized, and the bank and demat accounts of 17 people associated with GMT were obtained, while banks and SEBI (Stock Exchange Board of India) concerned were intimated for freezing these accounts, said the police.
During the course of investigation, police have established that Pukhram Maikel is the mastermind behind two other schemes besides GMT, which are Skyway Russia and Bulls and Bears.
The RBI and SEBI have confirmed that GMT is not registered with them nor has it been licensed to accept deposits; however, GMT has collected deposits from investors after promising a payout of 7 per cent return per month, which rises to 10 per cent based on enrolment figures. Based on available evidence, the number of depositors in the scheme for 2019 and 2020 is estimated to be around 5,100 from almost 18 states of India, including Manipur, said police.
So far, several crores of rupees (mostly cash transactions) have been deposited to GMT during the year 2019, 2020 and 2021. GMT is found to possess no bank account of its own and transactions were done through bank accounts of Pukhram Maikel and his family and close relatives, police added.
"The modus operandi of the GMT has been of collecting deposits from new investors and paying off the old investors, characteristic of a ponzi scheme," police stated, adding GMT does not have any real investment or profit generating commercial activity.
So far, there is evidence that only Rs 2 crore have been invested in the stock market and also GMT does not possess any valid license to invest public money in the stock market, said police.
Police further stated that various cases of misappropriation were also found such as paying money from the deposits of GMT to investors of Skyway scheme.
Stating that various land and buildings, luxury cars and valuables were also purchased by Pukhram Maikel and his family and relatives which amount to grave malpractices, police stated that they will further examine another 11 complaints received from other investors of GMT in the course of investigation.
