Mumbai, Jul 30: A court in Mumbai remanded Speak Asia chief operating officer in India, Tarak Vimlendu Bajpai, and three other staffs in police custody till August 4. Police arrested them on Thursday on charges of a multi-crore scam. Speak Asia scam looted Rs 2,000 crore from India, What about Investors' money?
Police officials said that Speak Asia COO was arrested after receiving complaints from investors alleging that the Singapore-based company duped over 12 lakh investors across India to the tune of Rs 1,300 crore.
Reports said that Speak Asia was conducting multi-marketing pyramid model, which promised exorbitant investment returns to the investors. Speak Asia's pyramid scheme involves paid subscribers filling up online consumer survey forms and luring more into its fold in return for commissions.
The Economic Offenses Wing of the Mumbai police said that Tarak Vimlendu Bajpai and other portal technicians including Rajeev Manmohan Mehrotra, Shaikh Rais Latif and finance accountant Ravi Janakraj Khanna were charged of cheating, criminal conspiracy and breach of trust under the IPC and several sections under the rarely-cited Prize Chits And Money Circulation Schemes (Banning) Act, 1978.
Investigative agencies are set to release a wanted notice for Speak Asia founder Harinder Kaur and Dubai-based chief executive officer Manoj Sharma.
A statement released by Speak Asia said, it will fully co-operate with the ongoing investigations to its functioning.
"Speak Asia has always offered complete and total cooperation to all authorities about its functioning. This sudden development has shaken us up as it puts a blot on our integrity and promise to the millions of people who are part of Speak Asia. This rather uncalled for action has further led to the delay in the company offering various initiatives it had committed. No stone will be left unturned by us to resolve the issue as soon as possible and resume work as usual," Speak Asia said.