Speak Asia country head, 5 others held in 2276 crore scam. - Direct Selling News Reviews & Updates of Companies

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Speak Asia country head, 5 others held in 2276 crore scam.

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The Crime branch of Mumbai police 


today arrested six persons, including 

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.






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. 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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