New Delhi: The Delhi crime branch has arrested another main accused in the Speak Asia scam. Ram Niwas was picked up from Bangalore. Speak Asia is facing the allegations of a massive fraud of Rs 2,400 crore. It is being probed by the Economic Offences Wing (EOW) and the Enforcement Directorate (ED).
The Crime Branch has arrested Ram Niwas Pal, the co-mastermind of Speak Asia scam from the Bangalore airport. His brother Ram Sumiran Pal was arrested from Delhi five-day-ago. Ram Niwas, an ex investment banker, was the one buying companies based abroad and making contacts to launder money through them. The third partner Manoj Sharma is still at large.
The trio had devised the scheme wherein people had to deposit Rs 11,000 and fill some survey forms to get Rs 52, 000 in return. Over 24 lakh investors from Delhi, Mumbai and other places were cheated of their money by them.
Speak Asia was an online survey marketing company floated in 2010 which sold web subscription for Rs 11,000 each and in return the investor had to fill survey forms for certain multinational firms promised annual payment of Rs 52,000. After paying a few initial investors, the Speak Asia wrapped up the operation in India.
Till now 8 FIRs have been registered all over India including Maharashtra, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh and the Enforcement Directorate. The involvement of others is also being verified.
After 28 months of investigation, the Mumbai Economic Offences Wing (EOW) has frozen more than 210 bank accounts containing over Rs 142 crore and another 150 accounts are under scrutiny.
The Mumbai EOW has found trail of over Rs 750 crore being laundered across various countries like Singapore, Dubai, Italy, UK, Brazil etc. The ED has found a trail of about Rs 900 crore to other countries.
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