The Singapore-registered company SpeakAsia allegedly committed fraud that could touch Rs 8,000 crore, said angry investors, including Navneet Khosla, who had registered a complaint against the company with the Mumbai police. He has accused SpeakAsia of cheating him of Rs 2.4 lakh.
While investigators refused to comment on this figure saying they are still examining the accounts, investors say that many of them have put in lakhs into SpeakAsia.
Sources say the company has ‘recruited’ 20 lakh investors across the country, but its website pegs the number at 19 lakh.
Even Andheri resident Rajmani Shukla claimed the alleged fraud could touch Rs 10,000 crore in his PIL in the Bombay high court. On Friday, the Mumbai police had pegged the fraud at Rs 1,320 crore.
Meanwhile, the economic offences wing (EOW) of Mumbai police, which is investigating the firm, arrested a fifth person, Deepankar Sarkar— an active promoter-—from Raipur on Saturday. He has been remanded in police custody till August 4.
“Sarkar was one of the company’s first promoters and as of January 2011 had earned Rs 35 lakh through returns. When Speak-Asia introduced its scheme in February 2010, there were just 100 panellists,” said Khosla.
Acting on Kholsa’s complaint and its own investigations, the economomic offences wing on Friday, arrested four senior executives of the firm in Indore, including chief operational officer Tarak Bajpai. SpeakAsia has also been accused of transferring Rs 700 crore to Singapore.
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| SpeakAsia Fraud touch Rs 8K crore |
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