Speak Asia, the biggest online scam in the country, has finally landed into the Police Net, by the arrest of its COO and other executives for running a Ponzi scheme, after they dodged the investors for over few months period by making dubious claims. Though they were released on bail after 3 weeks. A complaint was made against Speak Asia for allegedly duping over 15 lakh investors across India to the tune of Rs 2,000 crore.
The fraud has been pegged at 2,000 crore and it has been claimed by Home Minister R.R. Patil that efforts will be made to return the money to the Investors, in view of a new law passed in this respect. The investors are required to apply to Economic Offence Wing in their city. Though, only time would tell, whether it would be practically possible or not, as money has already been funnelled abroad as reported by Media. The Speak asia has also claimed that they would soon implement an exit policy which would enable those panelists who wish to end their association with the company, to get an early refund. Further, surprizingly in a message on the website, Speak Asia CEO still claims soon to be back in business and continued relationship!
more @ http://www.indianexpress.com/news/speak-asia-fraud-rs-2-000-crore/825777/