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.
Like we all know what is a ponzi scheme, in a ponzi scheme new people are enrolled to pay people who join at the start and ponzi scheme comes to an end when the enrolling of new people becomes slow.
In 2002, Mr Dandona was charge-sheeted by the Central Bureau of Investigation (CBI) for allegedly issuing forged permits to new auto-rickshaws in New Delhi. In that case, High Court dismissed Mr Dandona’s petition saying, “Prima facie, his involvement was deep-rooted.
Nayan Khandor, a Web designer and director of Dadar (central Mumbai)-based Brand Salon also confessed that Speak Asia was running a ponzi scheme which was created here in Mumbai not in Singapore.
Now due to the confession of Sanjeev Dandona and Nayan Khandor, Speak Asia is now into deep trouble. One by one people from the management are deserting. People are not getting any solution to the investment they made.
Our Take: Some time blind faith could be fatal. We believe that whole investigation should be put in a such way where they should look into a way of returning money to the investors.