Saturday, January 25, 2014

‘Delhi bizman conned SpeakAsia promoter’

A flat and a shop collectively worth 3.5 crore in a building in Four Bungalows that the businessman took over from Ram Niwas Pal

 

Usurped Shop And Apartment In Andheri When Fraudster Was On The Run, Says EOW

 

Mateen Hafeez TNN

Mumbai: It is a case of the biter bit as SpeakAsia promoter, Ram Niwas Pal (41), has confessed that he got conned by a Delhi businessman. Pal is reportedly one of the masterminds of the Rs 2,276 crore fraud.
 
    According to the investigators, a businessman has usurped Pal’s Andheri flat and a shop collectively worth Rs 3.5 crore. 

    Pal claims the businessman is close to Congress vice-president Rahul Gandhi and heads a party committee. Pal said he worked as flight engineer with the Indian Air Force and quit in 2002. However, the police maintain he was court-martialled. “The 38-year-old businessman, who resides in Delhi’s Civil Lines, provided Pal shelter when he was on
the run,” said an officer. “He arranged a 2-BHK flat for Pal, his wife and two children in September 2013 and Pal paid the rent. Pal owned
a flat and a shop in Andheri
and an office in Mumbai. The businessman told Pal
that if he was arrested, then
the police would attach the properties. He asked Pal to
transfer some assets. Since
Pal was on the run, he complied,” he added. Pal claimed that the businessman moved around with seven to eight armed “personal security officers” in three cars.
 
    “The businessman operates as a developer in Agra, Noida, Ghaziabad and Dehradun. I was tasked with his construction business in Delhi. He promised to give me 25% profit from the construction work since he wanted to join full-time politics,” Pal said.
 
    The economic offences wing (EOW) is planning to summon the businessman soon. “He has harboured a wanted accused and hence we would like to question him. We are taking help from the Delhi police to summon him. Pal has made serious allegations that we would like to verify,” said an EOW investigator.
 
HOW INVESTORS WERE DECEIVED
SpeakAsia starts as a pyramid ponzi scheme
Each investor is told to deposit 11,000 and is promised 52,000 in return for filling up online surveys
If an investors introduces two more members, then he/she is paid an additional 2,000
 
 
THE ‘VICTIM’ | Ram Niwas Pal brings finances to start SpeakAsia. Suspected to be into ponzi schemes since 2003. He is arrested by the Delhi police in December 2013. He is handed over to the EOW and booked in the Admatrix cheating case. Cops get his custody in the Seven Rings International fraud case 
 
 DRAMATIS PERSONAE
2,276cr : Money siphoned 710cr : Cash laundered by firms 24L : investors duped

 
Ram Sumiran Pal | Promoter
 Role | Ex-manager of an international bank. Joins hands with his brother and Sharma’s Tulsiyat Tech to start SpeakAsia  
Status | Arrested 
 
 Manoj Kumar Sharma | India CEO of SpeakAsia  
Role | He planned, designed and engineered the scam. Has fled the country, lookout notice out against him
Status | Wanted
 
 
Harendar Kaur | Global head of SpeakAsia online
Role | Singapore-based businesswoman allegedly helps transfer money out of India to banks abroad through her own firm 
Status | Wanted
 





Manoj Kumar Sharma

The Times of India, January 25, 2014

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