Saturday, August 20, 2011

Speak Asia: 5 get bail, firm in talks on repayment to members


Indian Express
The Esplanade Court on Thursday granted bail to five of the six accused in the Speak Asia multi-level marketing scam. The Economic Offences Wing (EOW) of the Mumbai Police probing the business model of Speak Asia had arrested its Chief Operating ...
Hindustan Times
According to the counsel appearing for the IT department, Jitendra Solanki, the investigations had revealed that Rs600 crore were sent to one Haren Ventures in Singapore. The court was also informed that the Rs134 crore in a bank account, which were to ...
IBNLive.com
HYDERABAD: Sleuths of the Crime Investigation Department (CID) probing the alleged fraud by SpeakAsia online survey company, said to be running a ponzi scheme, have learnt that huge amounts of money was diverted by this firm to the accounts of another ...
Times of India
MUMBAI: The police on Monday received 100 more complaints against Singapore-based online consumer survey companySpeakAsia, accused of cheating investors of crores by promising them huge returns on their investments. Among the victims who recorded ...



The police on Monday received 100 more complaints against Singapore-based online consumer survey company SpeakAsia,




The police on Monday received 100 more complaints against Singapore-based online consumer survey company SpeakAsia, accused of cheatinginvestors of crores by promising them huge returns on their investments. Among the victims who recorded their statements with the police was a 26-year-old MBA graduate, who had set up a SpeakAsia franchise and lost Rs 14 crore.

The economic offences wing (EOW) is questioning Bajpai (36) and his four colleagues-technical head for the portal Rajeev Mehrotra, assistant for daily portal operations and in-charge of regular pop-ups Shaikh Rais Latif (32), accountant Ravi Janakraj Khanna (44) and Deepankar Sarkar. The police said the fraud amount has crossed Rs 2,276 crore but by going the number of investors the amount duped is more than
could be more than Rs 14,000 crore. given the number of victims.

The company promised to give a return of Rs 52,000 on an investment of Rs 11,000 a year. There are more than 20 lakh investors across India who were known as Panelists. The company had 150 franchises across the country and 18 in Maharashtra. This firm had transferred crores of rupees to an account in United Bank of Singapore.

In trouble ? Speak Asia COO Tarak Bajpai (middle) outside the office of the Mumbai Crime Branch on Friday. HT Photo


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