Ponzi victims pin hopes on polls

  • Rahul Karmakar, Hindustan Times, Aizawl:
  • Updated: Dec 07, 2013 16:48 IST

Much before the Saradha storm, Mizoram endured Chiahpuam that hit 10,000 families across the urban landscape. The victims have now regrouped to elect whoever can get their money back.

Chiahpuam was a Ponzi scheme that caught the fancy of Mizos a decade ago until the bubble burst in 2008. Hundreds of investors, mostly government servants, found that they had sunk `80-90crore in a fake bank.

A few arrests were made but the assembly elections that year stole the focus from the investors’ plight. And the money confiscated from the scam masterminds — the real culprits, allegedly government officers, were never caught — was locked away in a savings account of the Aizawl superintendent of police (SP).

“The investors say the police seized around Rs 25 crore, but the account of the Aizawl SP has only Rs 12 crore, meant for redistribution to all depositors,” Helena Malsawmkimi, chairperson of the Mizoram Women Workers’ Union, which is fighting for justice to the depositors, said.

“We want all the confiscated assets and money to be returned to the depositors, besides blocking the accounts of all suspects and enforcement of Mizoram Protection of Interest of Depositors Act of 2003.”

Many like former schoolteacher H Thanhlira, she said, were literally hounded to deposit their post-retirement money in Chiahpuam. Thanhlira, 70, has gone back to the primitive jhum or shifting cultivation to sustain his family of seven.

From Around the Web
Sponsored by Revcontent

also read

If they were the victims: Pak group uses Modi, Zuckerberg pics for Kashmir camp...
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome