Board member Ramudamu along with shareholders to approach CM to recover dues from NEMSICS

“AROUND RS 3 CRORE RAISED BY NEMSICS FROM ‘INVESTORS’ IN SIKKIM”

GANGTOK, 04 Jan: One of the board members of the North Eastern Multi State Insurance Co-operative Society Ltd [NEMSICS], BM Ramudamu, the All Sikkim Democratic Labour Front vice-president, and other shareholders of the society have decided to approach the Chief Minister in order to come up with a strategy to recover money raised by the group from the people of Sikkim.

It is suspected that NEMSICS raised Rs. 3 crore from ‘investors’ in Sikkim. In this regard, Mr. Ramudamu also suggested that a joint intervention of Sikkim and Assam governments could help in bringing back this amount. Incidentally, NEMSICS has its registered headquarter in Guwahati, Assam.
Mr. Ramudamu, it was informed today, wrote to the CMD, NEMSICS, on 05 December, 2011 giving him 10 days time to return the money. There has, however, been no response thus far.
Mr. Ramudamu also condemned allegations leveled against him and connecting him to the fraudulent character of NEMSICS. He stressed that these allegations were false and baseless as he has not received any money from the society in his position as a board member.
Addressing a press conference today, he informed that more than Rs 3 crore has been raised from the people of Sikkim by NEMSICS. There are around 2,000 “share holders” from Sikkim, he said.
Mr. Ramudamu informed that NEMSICS opened its regional office in Sikkim on 30 October 2003 with attractive bye-laws and activities. He added that as the CM had launched the cooperative movement here at around the same time, he had also written a message in support of NEMSICS which has been misused.
He said that the attractive bye-laws, multi insurance options and registration from the government of India, many local people put in money to join the society. Mr Ramudamu informed that he joined the NEMSICS in November 2004 as a board member.
He alleged that NEMSICS misused the message of the CM in fooling people and added that the then Regional Manager, NK Das and CMD, Jaideep Sharma, started to raise money through local agents luring people with fraudulent schemes.
He further mentioned that when the local people enquired about their money, NEMSICS officials started to make different excuses and gave false assurances.
Mr Ramudamu informed that by showing three cheques of Rs 245 crores, Rs 19 crores and Rs 15.50 crores of ICICI Bangalore of the company in 2009, the NEMSICS again raised huge amounts ranging from Rs 40 lakhs to 3 lakhs from a single person and raised around 3 crores by 2010 against the projects placed by these people.
He informed that the RM, Mr Das passed away in May 2010 and Sanjay Goswami then took over as the RM and in July 2011 the Regional Office was shut down. A team of shareholders led by Mr Ramudamu approached the Society’s office many times but no positive response except false assurances were received, he added.