Speak Asia ringleaders to be prosecuted “soon”
Following on from the arrest of several Speak Asia ringleaders early last month, comes the announcement that prosecutions against the accused are expected to begin shortly.
According to finance minister Arun Jaitley, the Serious Fraud Investigation Office (SFIO) has finally completed their investigation into the $113.5 million dollar scam.
The investigation report of the SFIO has been received.
About Rs 700 crore worth funds were defrauded by the Singapore-based company and we are in the process of filing prosecution in the case.
Back in 2011 the Corporate Affairs Ministry had directed the SFIO to investigate Speak Asia. A report from the SFIO was initially expected around December of 2011, but has dragged on until recently.
About time guys!
No names other than those arrested last month have been released, but one would hope to see the likes of Ashok Bahirwani and friends among those prosecuted.
Ditto anyone who had anything to do with the running of AISPA. For those unfamiliar with the name, AISPA was an affiliate association set up by Speak Asia management (by proxy).
Its primary purpose was to suppress action among Speak Asia’s victims, including co-operation with authorities investigating the scam.
As such, the association played an immensely vital role in perpetuating Speak Asia’s defrauding of thousands of Indians for millions of dollars.
Failing the prosecution of AISPA management, then at least who ran and profited the most from Speak Asia’s Ponzi scheme scam will finally be held accountable for their actions.
What a journey this one’s been…