Friday, July 29, 2011

Speak Asia News, Speak Asia, Speak Asia Latest News, Bizbasket - Speak Asia COO arrested in Rs 1,320 cr fraud case


The first arrests have been made in the Rs 1320 crore Speak Asia fraud case. Mumbai police have arrested the online survey company's COO Tarak Bajpai and four other officials into custody. But the Singapore-based owner of the ponzi scheme company is still absconding.

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

Based on a subscription model, Speak Asia collected Rs 11,000 from each member. The members were then paid for completing the surveys commissioned by various companies.

While many companies deny commissioning 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 Economic Offences wing.

Once the scam was unearthed earlier in May this year, the members complained that they had not received the money promised as the company claimed its accounts were frozen. Speak Asia officials, however, claimed innocence.

"Their property 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 accused in the Pyramid scam have now been granted police custody till August 4 even as the money flow of Speak Asia is being closely looked into. Read More

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