Mumbai: The Enforcement Directorate (ED) on Tuesday registered a case against Speak Asia, a Singapore-based online survey company, under the Prevention of Money Laundering Act in connection with a multi-level marketing scam, sources said.
The firm had allegedly duped over 12 lakh investors, also called as panelists, to the tune of Rs 1,300 crore, after assuring them commission if they introduced new members.
Speak Asia had promised lucrative returns to its investors, who were asked to pay a fee to register with it, through a multi-marketing pyramid model.
The city police had earlier arrested Speak Asia's Chief Operating Officer in India (COO) Tarak Bajpai, Financial Manager Ravi Khanna, the web portal's technicians Rajeev Malhotra, and Rais Khan and panelist Deepankar Sarkar.
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