Speak asia scam

The first arrests have been made in the Rs 1320 crore Speak Asia fraud case. Mumbai law enforcement has arrested the online review company’s COO Tarak Bajpai and four other official into custody. But the Singapore-based owner of the ponzi scheme company is motionless desertion.

“We have register an FIR under cheating and criminal conspiracy (section 120b),” said Joint Commissioner of Mumbai Police (Crime) Himanshu Roy.

Based on a sum model, Speak Asia collected Rs 11,000 from each member. The member were then salaried for conclusion the surveys commissioned by a variety of companies.

While many companies deny commission such surveys, the Mumbai police estimates that the total amount collected could well be over Rs 1320 crore. A case was also filed in the financial Offences wing.

Once the scam was unearthing earlier in May this year, the members complained that they had not received the money promised as the company claimed its accounts were ice-covered. Speak Asia officials, however, claimed blamelessness.“Their possessions must be attached and actions should be taken against other companies involved in similar activities under the Investor Protection Act,” said BJP leader and complainant Kirit Somaiya.

The accuse in the Pyramid scam have now been decided police care till August 4 even as the money flow of Speak Asia is being closely look into.

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