Tag: Speak Asia

SpeakAsia: Ram Sumiran Pal Arrested by Mumbai Police

One more high-profile arrest happened in relation to Speak Asia case. Ram Sumiran Pal got arrested by Mumbai police, he was a part of the SpeakAsia administration team.

Till now 8 FIRs have actually been registered throughout India including Maharashtra, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh by the Enforcement Directorate. Soon more arrest are likely to happen.

SpeakAsia has allegedly duped nearly 24 lakh investors of over Rs 2,200 crore.

Till date the Mumbai Economic Offences Wing (EOW) froze more than 210 savings account having over Rs 142 crore and another 150 bank accounts are under probe.

The Mumbai EOW has actually found trail of over Rs 750 crore being transferred around numerous nations like Singapore, Dubai, Italy, UK, Brazil and so on. The ED has actually located a trail of concerning Rs 900 crore to various other countries.

Ram Sumiran Pal is among the leading three wanted in Speak Asia fraud. Various other 2 major implicated are Ram Niwas Pal, his elder brother and Manoj Sharma.

Teams have been sent out to Shahjahanpur in UP and Karnataka for likely hide of Ram Niwas Pal. Manoj is believed to be in Singapore. The lawsuit and writs associated with SpeakAsia fraudulence have actually been filed in the Supreme Court and the Bombay High Court. The Mumbai Police has actually called the arrest as a valued catch.

Ram Sumiran Pal went to Malaysia twice while on the run. As he was afraid of apprehension at the airport, he took a land route to Kathmandu in Nepal. He took an air travel from Kathmandu to Malaysia on both times and the same route while returning home.

Ram Sumiran Pal got caught when he was going to Delhi to sell one of his properties.
This Time Who Are You, Speakasian or Mavrodian?

It’s not the first time when lot of Indians will lose their hard-earned money. All MLM scams come in disguise but the modus-operandi has all been to loot gullible people. Infamous MLM companies like SpeakAsia, MMMIndia.in, Nmart, Gold Sukh, Fine India, All Hit Deals and lot more are not only looting people but they are also destroying the basic fabric of MLM in India.

The only difference is that at the end of these short-lived ponzi scams, all that is left are Speakasians, Mavrodians etc. Who hope to get justice someday from Indian courts but here judgement takes long due course of time. All they can do is to wait with a faith to get their money back someday.

It’s not their fault for being always super charged as Speakasians and Mavrodians. Without much knowledge about MLM business, even if they end-up making small fortune out of these short-lived ponzi schemes, they feel respected and elevated. And they have every right to feel so.

The real fault lies with governments , who are not passing strict and strong laws to protect her citizens against fraudulent ponzi MLM schemes in India.

Every time a big scam is unearthed, all we get to hear is that soon some strong mlm law is on the way to end this nonsense menace for all time.

After that few meeting are held among RBI, SEBI, MCA and Finance Ministry but nothing has materialised till date.

The need of time is to get strong MLM law in India and MLM people must join in to make this happen at the earliest.

Your views are most welcomed! Do share your view on this subject.
Speak Asia Ready to Pay but only Rs.50 Crore

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.
Sebi wants to take Control over MLM Companies

New Delhi: In recent time many multi-level marketing companies have mushroomed all over India and few have even duped gullible people with millions of rupees. Recently in a Sebi board meeting where the ministry of corporate affairs and finance, and the Reserve Bank of India (RBI) participated.

During the meeting, they discussed how they should monitor such MLM ponzi schemes. The need of regulation for MLM companies has become urgent after big scams like Speak Asia, Stock Guru India, Gurudev Travel Connection, City Limousine , Kanakdhara Gold and Pinnacle Education and Opportunity Ltd.

Currently MLM does not fall under the regulation of any department or regulator which in return has helped ponzi schemes loot people.

It is expected that soon either MLM regulation will be controlled by RBI or Securities and Exchange Board of India.
ED finally charges Speak Asia with money-laundering

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.
Speak Asia CEO Manoj Kumar at Abu Dhabi Video Message

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. (more…)
One more arrested in connection with Speak Asia scam

Mumbai (mlmnewsblog) – Mumbai city police arrested one more person connected with Speak Asia, the name of this person is Rahul Shah, vice president of Tulsient Information System Pvt Ltd, a Business Process Outsourcing (BPO) unit that looked after Speak Asia’s financial affairs. Now the total figure has reached to 6.

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CID freezes Speak Asia’s bank accounts at HYDERABAD

HYDERABAD: Making it clear that Indian money will not be allowed to be sent to foreign shores during the pendency of the case, a division bench headed by Chief Justice Nisar Ahmad Kakru on Monday set aside a restraint order that had prevented the CID from freezing the money of Speak Asia Online company, a multinational money circulation firm. (more…)