..:: Bad news for SPEAKASIA MLM firm's Lovers - Speakasia's Fraud - Scam ::..
The Economic Offences Wing (EOW) of the Mumbai police crime branch on Friday arrested four officials of a controversial web-driven multi-level marketing company (MLM) SpeakAsia (http://www.speakasiaonline.com) launched from Singapore, for duping a Mumbai-based investor of Rs. 6 lakh. The total volume of fraud is feared to be more than Rs 1.300 crore.
Joint commissioner of police, crime, Himanshu Roy said while the chief operating officer of the company, Speak Asia, Tarak Bajpai was detained in Indore and brought to Mumbai. its financial manager, Ravi Khanna and the web portal's designers — Rajiv Mehrotra and Raees Khan — were arrested in Mumbai.He said all four had been remanded in police custody till August - 4. They have been booked for cheating and hatching a criminal conspiracy.
Another top investor-turned-conduit in the fraud, Dipankar Sarkar was detained in Raipur. Roy said he would be arrested and brought to EOW custody soon. The CEO of the company Manoj Sharma is absconding while its chairman, Haren Kaur, a Singapore citizen of Indian origin, is holed up in that country.
Roy said the EOW had received a complaint from the Mumbai-based investor some time ago. He had been induced to invest Rs 33,000 with the promise of Rs 6 lakh returns. But, when he went to withdraw the money he found the account empty. The EOW conducted its inquiry and finally lodged an FIR on Thursday and the arrests followed.
Roy said the company, launched in April last year, has more than 12 lakh investors and 137 branches in India, 18 of those in Maharashtra. In Mumbai, the company has four offices. Whenever they were asked about the source of their income, they would say they generated the money by conducting market surveys for reputed companies. "However, these companies clarified they had never hired this company for any market research," Roy added.
Initially the company managed to hook investors by giving returns in cheques or transferring the money online to the customer's bank accounts. Their cover was blown when the company began defaulting even after taking money from investors.
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