Senior officials from investigation agencies have been stating that there are sets of people who move from one location to another floating a brand-new MLM or Ponzi system.
SpeakAsia, the now defunct online survey business, which is embroiled in a multi-crore scam and AdMatrix, one more multi-level marketing (MLM) operator not only share the same business module but it is alleged that individuals behind both the companies are the exact same. And they are operating together since 2003.
According to details obtained from the Registrar of Business (RoC), Mumbai, individuals like Gerard J Wessil, Elia De Prisco, Monique Francoise, Ram Niwas Friend, Manoj Kumar (the absconding CEO of SpeakAsia), Rajah P Jain, Renu Sharma, Rajiv Mehrotra are working together from 2003. Their legal advisors are Ahmed Adbi (currently he is attorney of All India SpeakAsia Panellists’ Association– AIPSA) and Kedar Goel.
These people are shown as promoter/directors of Mango Business (India) Pvt Ltd (CIN U 29301 MH 2003 PTC 143206), a Mumbai-based company that operate 3 websites, www.mangouniverse.com, www.mangocommunity.com and www.mangoconsumer.com. While Gerard J Wessil is shown as president of this business, Elia De Prisco is liable for training; Monique Francoise was the CEO of the company and looks after advertising. Compensation management was dealt with by Ram Niwas Pal, while Manoj Kumar was looking after modern technology and sales. Similarly, Rajah P Jain was accountable for corporate approach, Renu Sharma for CRM and information center and Rajiv Mehrotra for acquisition, logistics and finance at Mango Company.
Manoj Kumar Sharma, the absconding CEO of SpeakAsia is even related with Tulsient Information Systems Pvt Ltd. Rajiv Mehrotra, Renu Manoj Kumar Sharma and Rajah Jain are also director/promoter of Tulsient Information Systems. Jain is additionally connected with Tulsiyat Tek Pvt Ltd, which purportedly utilized to transmit funds collected by SpeakAsia agents to Singapore based Haren Ventures Pte Ltd (HVP).
While SpeakAsia did not have an Indian registration, Tulsient Information and Tulsiyat Tek are subscribed in India. The registration was done in order to satisfy the ‘know your consumer’ (KYC) requirement for opening deposit account, which later were utilized to siphon off cash.
Sanjeev Dandona, who was earlier arrested by the Economic Offence Wing (EOW), is alleged to be recommending both HVP and Tulsiyat Tek and assisting in the remittance. But more about him later.
Elia De Prisco is related with Mango Company (India) Pvt Ltd and Seven Rings Education and learning Pvt Ltd, while Antonio Grasso and Dashrath Bendure are named as directors of 7 Rings and Mango Company, respectively.
AdMatrix, a Holland-based business body, made use of to provide extraordinary returns just to see ads. Its “Watch-and-Earn” program was introduced in India in October 2010. To start with, an individual needed to pay Rs15,000 for registration with AdMatrix, in order to get accessibility to the AdStation, to watch advertisements for a duration of one year. If one gets Rs1,000 a week to enjoy the ads, it would take about four months to rebound the registration quantity. The company additionally delivered an added Rs1,000 for each 2 brand-new individuals (or a binary pair) introduced to the scheme.
According to some posts on the web, AdMatrix might be related to SpeakAsia. An author on “www.behindmlm.com” has actually quoted a paper report that states, “The cash trail of Rs600 crore that was purportedly transmitted by the founders of the Speak Asia multi-level marketing program, to a Singapore bank in the past 12 months, has at least one account in the name of a claimed Holland-based ad Ponzi program operator; which indicates that the operation could have been on a worldwide scale.”
Talk Asia duped around 23 lakh capitalists to the tune of Rs2,000 crore. It promised a weekly income, only on filling online survey kinds. At first the company paid the money to its panellists however stopped all the payments because Might 2011. After complaints were lodged, Talk Asia came under the radar of the EOW.
Earlier, the exploring agency had actually detained Speak Asia’s chief operating officer (COO), Tarak Bajpai, along with few other employees. Currently Manoj Kumar, its CEO and Harendar Kaur, a Singaporean of Indian origin and company’s chairperson are absconding.
Earlier, the Reserve Bank of India (RBI) was directed by the Bombay High Court to supply a hearing to SpeakAsia. Nevertheless, the Multi Level Marketing business first asked for to postpone the consultation with the RBI and later on delivered its legal officers for the meeting, instead of its leading officials. Off course, numerous of them were absconding or arrested by the police at that time.
SpeakAsia Online Pte Ltd has filed a situation (WPL/1695/2012) against the RBI in the high court under the Financial Law Act. The case is still in pre-admission phase and its next hearing is set up for 3 August 2012.
Returning to Dandona, earlier in 2002 he was charge-sheeted by the CBI (Central Bureau of Inspection) along with seven additional people, featuring 3 officials from the Transportation Division of the Delhi Government for allegedly providing forged permits for brand-new auto-rickshaws. In May 2010, justice Vipin Gandhi of the Delhi High Court dismissed Dandona’s request saying, “Prima facie, his participation seems deep-rooted. It can not be stated that on the basis of the allegations consisted of in the charge-sheet the petitioner WP (Crl.) 586/2010 Web page 15 of 16 might not have been included in the criminal acts credited to him. As a result, I see no merit in this petition and dismiss the exact same.”