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.
