The Crime branch of Mumbai police
the country head of Speak Asia, in
connection with the over Rs 2,276-crore
online marketing firm scam in which lakhs
of investors were duped.
"The country head of Speak Asia Sanjeev Mehta was arrested from
Mumbai and five others were held from elsewhere,"
Mumbai police
spokesperson DCP Dhananjay Kulkarni said. All the accused have been remanded in
police custody till February 7, he said.
Speak Asia, which was registered in Singapore, was introduced in India in early 2010.
The company had promised lucrative returns through a multi marketing pyramid model.
The online survey marketing company sold web subscription for Rs 11,000 each and in
return the investor had to fill survey forms, which were later found to be fake, for certain
MNCs for promised annual payment of Rs 52,000.
mid-2011. The company duped over 24 lakh investors. The amount of scam went up to
Rs 2,276 crore. A number of cases had been registered in different states. According to
police, Speak Asia had remitted over Rs 900 crore to Singapore. The money was sent
from India to the banks in Singapore and from there to Dubai, Italy and UK. However
, the money came back from UK again to UAE (Dubai) and to India.
After paying few initial investors, Speak Asia wrapped up its operation in India
around mid-2011. The company duped over 24 lakh investors. The amount of
scam went up to Rs 2,276 crore.
Source : : http://www.moneycontrol.com www.MLMNewspaper.com
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