SpeakAsia plea to pay only 115 opposed

Mateen Hafeez TNN

Mumbai: SpeakAsia, the investment firm that duped thousands of people of crores of rupees, has appealed to the Supreme Court that it will return Rs 50 crore to 115 petitioners who had invested in it. However opposing the move, the city police said there were many more who had invested in the firm and the amount ran into more than Rs 2,276 crore. To prove its claim, the economic offences wing (EOW) will submit a list of all the investors who lost their money to the multi-crore fraud.

According to the police, SpeakAsia started an online scheme under which every investor,known as a panelist, was asked to pay Rs 11,000 so that they could conduct two surveys a week for a year. If the investor successfully completed all the surveys, he or she would be entitled to Rs 52,000 a year. However, after the initial rounds, the firm reportedly stopped paying the investors who subsequently lodged complaints. So far, the EOW has arrested 10 accused.

In Supreme Court, the firmhasofferedto returnthe money of 115 investors, most of whom filed a petition, demanding their money back. While the court stated that the amount could be returned through a mediator, it also asked the investigators and other agencies involved in the probetofiletheir reply by February 11. However, the police are not ready to agree: “The company is ready to return money to 115 investors, butwhat aboutthe morethan 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 firm, which was founded in 2010, reportedly enrolled 24 lakh members in a year. While most of its Indian office bearers have been caught,the globalheadof the company is still at large. The police are also monitoring some panelistswho 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,” an official said.


The Times of India, February 10, 2012