Mizo Overseas Empoyment Agencies is under the police scanner for alleged involvement in money laundering and mutual fund fraud Credit: Representational image

Aizawl: Mizo Overseas Employment Agencies, a firm co-owned by J Rosangpuia and Malsawmtluangpuii with their office at B Sangchema Building, Upper Khatla in Mizoram’s capital town Aizawl, are now under the police scanner for alleged involvement in money laundering and mutual fund investment fraud.

Aizawl SP C Lalzahngova said that Rosangpuia and Malsawmtluangpuii were arrested on November 4, for their alleged involvement in money fraud, adding that the firm had collected over Rs 2 crore Darlawn and Thingsulthliah villagers promising their clients a return of invested money with 24% interest.

State Bank of India (SBI) regional manager LP Lalchangkima on Tuesday issued a statement saying that Mizo Overseas Employment Agencies had laundered money on the pretext of SBI Mutual Fund investment.

A statement issued by the SBI regional manager

“The SBI regional business office has nothing to do with Mizo Overseas Employment Agencies, promising 24% interest rate to the people is an utmost and henious mis-selling of mutual funds,” LP Lalchangkima said in his statement.

Mizo Overseas Employment Agencies is a non-banking, non-financial firm, primarily involved in providing employment for Mizo youth abroad, and is owned by J Rosangpuia, an NRI who used to live in the United States, and his live-in partner Malsawmtluangpuii. It has been reported that J Rosangpuia is a green-card holder in the United States and returned recently to India recently.

Malsawmtluangpuii has a history of money laundering and was arrested and convicted in 2014 for her involvement in banking scam while serving as a manager at Lushai Hills Finance in Champhai.

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