MUMBAI: The Bombay high court on Wednesday permitted the economic offences wing (EOW) to carry on with its probe into the alleged cheating case entailing multi-level advertising business, SpeakAsia. A few of the backers, known as panelists, had certainly filed a request in the HC stating it was a civil row and also not a criminal case.
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Navniit Khhosla was the first person to file complaint against Speak Asia. Now after getting over R6 lakh, he has withdrawn complaint against Speak Asia.
Navniit Khhosla, the very first individual to register a First Information Report (FIR) against Speak Asia a year ago has withdrawn his complaint. The particular withdrawal followed right after Khhosla ‘recovered’ his losses. He had registered the FIR after losing Rs 6,06,000 which he previously invested with the company. It was centred upon his particular grievance of which the Economic Offences Wing (EOW) arrested more than 10 workers, wh ich includes a few high-ranking officials of Speak Asia.
All India Speak Asia Panelist Association (AISPA) advocate Ahmed Abdi said, “Several panelists joined togetherand offered close to Rs 50,000 each and paid the amount to Khhosla.”
The Bombay High Court bench comprising Justices V M Kanade and P D Kode heard Khhosla’s case yesterday. Khhosla, who was present for the case, said, “I have been given the amount I had stated as well as would like to withdraw my complaint.”
SC-appointed mediator is compiling the number of panelists who want to ‘exit’ the company, a process that will be completed by March 31.
If you want to opt for ‘Exit option” then better contact the mediator.
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SpeakAsia responded to the Supreme Court that it will return invested money only to 115 petitioners and the total amount is of Rs.50 crore.
The city police opposed the proceed, they stated in that respect there were many more who had invested in Speak Asia and the total invested amount of money is actually much more than Rs 2,276 crore. To establish its claim, the economic offences wing (EOW) will submit a list of all the investors who lost their money to the multi-crore fraud to the supreme court.
In Supreme Court, Speak Asia offered to return the money of 115 investors, most of whom filed a petition. Despite the fact that the court mentioned that the amount could possibly be given back via a mediator, it also wanted to know the investigators and other agencies engaged in the probe to file their respond by February 11.
On the other hand, the police are not ready to agree: “The company is ready to return money to 115 investors, but what about the more than two million people who invested in SpeakAsia? Going by our record, the company cheated lakhs of investors of a total Rs 2,276 crore. Why does the company want to return Rs 50 core only?”
The Enforcement Directorate, which has registered a case against the company under Prevention of Money Laundering Act, is probing how the money invested in the firm was channelized abroad; the income tax department said the firm had transferred over Rs 700 crore to Singapore.
An officer added, “All the investigating agencies will submit their replies in the Supreme Court.”
The police is also monitoring some panelists who are allegedly claiming that “there is no police case against the company”. “We are keeping an eye on those who have been supporting the company through internet in Mumbai,” an official said.
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ED finally charges Speak Asia with money-laundering. Enforcement Directorate (ED) has booked Speak Asia under the Prevention of Money Laundering Act (PMLA) for allegedly sending Rs 900 crore out of the country, disguised as remittances.
ED will soon investigate the involvement of office-bearers. There was no response from Speak Asia.
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If reports of Economic Offence Wing of Mumbai are to be believed this MLM scam could be the biggest MLM scam in the history of network marketing in India. Economic Offence Wing of Mumbai in the recent statement said that Speak Asia fraud is of Rs.2300-2400 crore and the value of the reward points is around Rs30000 crore.
Speak Asia collected more than Rs.2300 with a period of 18 months and the current liability is around Rs.30,000 crore.
Some panelist approached Supreme court, where final verdict is yet to come.
Government agencies such as Enforcement Directorate (ED), the income-tax department and the Serious Frauds Investigation Office (SFIO) are independently investigating the fraud.
“The SFIO report should be out in December. The ministry (MCA) feels the culprits will be nailed after that,” said a senior MCA official, who did not want to be identified.
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Abu Dhabi (11 Oct.) – CEO Mr Manoj Kumar was spotted in Abu Dhabi on 11 of October to attend a conference on Global Agenda 2011. During the conversation, he talked that they have received permission from Bangladesh government to operate there. Soon in the month of december they are going to start their work in Bangladesh. He also informed that Speak Asia is also in talk with the government of U.K.
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Mumbai : Speak Asia Financial advisor, Sanjeev Dandona confessed that Speak Asia was indeed running a ponzi Scheme. and the plan was based on a ponzi scheme. Sanjeev Dandona was financial advisor to Speak Asia and he was the main man behind the transfer of money from India to Singapore.
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Mumbai – Mumbai police during the on going investigation on Speak Asia came to know that Speak Asia surveys were fake. All the surveys were outsourced and copied either from Wikipedia and other online websites. This finding by Mumbai police has established that these surveys were never done for any client from abroad.
The EOW of Mumbai police arrested Nayan Khandor, 25, owner of Brand Saloon Inc, a web based firm allegedly responsible for making fake surveys for Speak Asia. His office is located at Dadar. During the search, police confiscated material from his office which clearly indicates the relationship with Speak Asia Online.
EOW Officail said “We are in possession of Khandor’s electronic communication with Speak Asia’s Manoj Sharma, the bills Speak Asia paid for, and the unsent surveys he did for Speak Asia“.
Khandor during the investigation revealed that he was aware that he was creating surveys for Speak Asia and for the same he was paid between Rs 30,000 to Rs 1.5 lakh on each survey and he has done nothing wrong.
Khandor said that all the topics were given to him in advance by Seven Rings India, a Speak Asia concern. Topics such as power saving, scooters, talcum powder, deodorants, washing machines etc and after the approval from the top management of Tusliantek company. The surveys were uploaded to Singapore based server and then it was further sent to panelist in India to respond.
Khandor will be produced in court on Saturday and EOW authorities said they will seek his police custody for further interrogation.
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New Delhi (mlmnewsblog) – Speak Asia panelist are worried and there is no immediate help from the Speak Asia management and neither from the courts. Now the Crime Investigation Department discovered that all money collected by Speak Asia was routed out of Singapore. On this issue CID has sought help from Interpol, investigations also revealed that Speak Asia used the ‘Seven Rings‘ company to route the money in the form of investments from Singapore.
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New Delhi (mlmnewsblog) – The ministry of corporate Affairs (MCA) and The economic offences wing (EOW) of Mumbai Police are probing multi-Level companies who are involved with investment and monthly return schemes. Both are preparing reports separately.
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