Two fraud cases against SpeakAsia sister concerns

Mateen Hafeez TNN

Mumbai: The economic offences wing (EOW) on Wednesday registered two fresh cases against Speak-Asia’s sister concerns, SevenRings International and Index Admatrix Pvt Ltd, for allegedly cheating investors of over Rs 1 crore. “We have proof that SpeakAsia promoters ran these two companies,” said a police officer. Police had registered a case against Speak-Asia in July 2011 and arrested 10 suspects. Police said investors and panelists lost Rs 2,276 crore in SpeakAsia’s schemes. Several victims approached the police after TOI reported about the involvement of SevenRings International and Index Admatrix Pvt Ltd in the SpeakAsia case. Police said that Speak-Asia laundered over Rs 700 crore from India to Singapore and then transferred it to SevenRings account. “SevenRings scheme, floated in February 2008, targeted the high-income group. It would ask for an investment of Rs 35 lakh for a year and in return promised the investor a profit of Rs 10,000 per day. This way, the profit would go to Rs 36.5 lakh a year. We have received complaint from a textile merchant. After initial payments, the company office-bearers vanished,” said a police source. A doctor has also approached the EOW stating he lost Rs 35 lakh in the same scheme. Those named in the two FIRs include SpeakAsia’s Indian head Manojkumar Sharma, Ramnivas Pal, Priti Pal, Suhas Shirke etc. “After SevenRings, the office-bearers introduced SpeakAsia in 2010 and later floated Admatrix, a middle-income group investment company. Floated in March 2011, Admatrix would ask investors for Rs 7,500 and get huge returns. A complainant has lost Rs 6.90 lakh in this scheme. Admatrix had its office in the same premises as SpeakAsia before the latter’s office was shut,” said the officer. The Times of India, March 29, 2012