Speak Asia Rs 2000 cr scam: Similar websites under scanner

Published: Wednesday, August 3, 2011, 12:23 [IST]
 
Speak Asia scam: Sites under scanner

Mumbai, Aug 3: While the government officials estimated Speak Asia scam as big as Rs 2,000 crore, sources reported that similar websites that offer unbelievable promises are also under police scanner.

After the arrest of Speak Asia COO Tarak Vimlendu Bajpai and other officials, the Economic Offences Wing (EOW) of Mumbai police said that the scam will exceed Rs 2,000 crore and they suspect the money has been stashed in foreign accounts.

After the reports of online scams, investors are in dilemma about their money invested in Speak Asia and similar websites. Speak Asia was conducting multi-marketing pyramid model, which promised exorbitant investment returns to the investors.

Speak Asia asked investors to join with Rs 11,000 and promised all the investors Rs 52,000 annually in exchange for conducting online surveys for the website. Speak Asia's pyramid scheme involves paid subscribers filling up online consumer survey forms and luring more into its fold in return for commissions.

Recently, Maharashtra Home Minister RR Patil urged people to be careful before investing money in companies like Speak Asia which make unbelievable promises.

"We acted as soon as we received a complaint in the matter. People should be careful about investing money in companies which promise high returns within a short time. This company had given full-page advertisements in recognised newspapers and hired reputed advertising agencies," said RR Patil.

Sources from Mumbai police told that EOW is keeping an eye on websites and closely watching their way of operation. Moreover, the crime branch has already started action against such dubious companies.

OneIndia News

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