EOW blame complexity of Speak Asia scam for delays
To claim that the aftermath of India’s Speak Asia scam has been long and arduous would be an understatement.
Back in mid 2011 the company had their primary bank accounts frozen and was effectively shut down. It was later revealed however that, amidst multiple investigations into the company, Speak Asia convinced a judge to unfreeze some of these accounts thus allowing Speak Asia to transfer over a hundred million dollars offshore to Singapore.
A few weeks India’s Crime Investigation Department (CID) managed to get the decision reversed and the accounts frozen again, but by then it was too late. The money was gone.
After much grandstanding between Speak Asia, Indian authorities and die-hard supporters of the company (mostly early investors who made lots of money or those who couldn’t afford to lose what they did and feel they have no choice but to continue to support Speak Asia in the hope the company will pay them back) in India’s legal system, today much of the focus is on the local management of the company, operating under the guise of organising and running panelist’s associations.
With a lack of updates on the status of a chargesheet being filed by the Economic Offenses Wing (despite promising to file a “watertight” case a year and a half ago now), observers and panelists both have been left to wonder what has become of the EOW’s investigation.
The fact that no chargesheet has been filed in so long has naturally been a focal point of Speak Asia supporters to assert the legitimacy of the scheme, despite it being a blatant survey-based Ponzi/pyramid hybrid.
Finally breaking months of silence on the investigative front, the Times of India reports today that
The economic offenses wing (EOW), probing the multi-crore SpeakAsia fraud, is now investigating another 150 bank accounts over suspicion of funds being transferred in the scam.
The police have, so far, already frozen over 210 bank accounts containing over Rs 142 crore.
Over Rs 750 crore was laundered across various countries. The money was sent from India to banks in Singapore and from there to Dubai before it reached Italy and the UK. It was then sent again to the UAE from the UK.
“We are conducting a thorough probe. Hence it is taking time for us to file the first chargesheet. We may file a supplementary charge sheet later,” he added.
Tracking down this money and attempting to recover it and apprehend those involved has, not surprisingly, appears to have been and continue to be a vastly time-consuming and difficult task. Not surprising however when you consider Speak Asia is the biggest scam in Indian history to date.
With its CEO Manoj Kumar still in hiding and seemingly laundered much of the proceeds of the scheme between various Seven Rings International interest around the world, I don’t envy the EOW and their task of recovering what they can and bringing those responsible to justice.
In the wake of continued misinformation being spread by Indian based ringleader panelists seeking to dangle refund carrots infront of those they accepted money from for as long as possible, naturally regular updates on the status of the investigation would be welcomed.
Unfortunately though given the scope of the Speak Asia scam, this brings with it the problem of revealing the EOW’s investigation scope, possibly tipping off those they are after.
For now I suppose we’ll just have to be content with the knowledge that at least things are still progressing behind the scenes. With Speak Asia’s CEO Manoj Kumar still hiding out in Dubai and front-woman Harendar Kaur in Singapore, it remains to be seen if India can hold them responsible and ultimately bring them to justice.
SpeakAsia is Fraud…Cheat….
Earlier we were thinking that behindmlm and other reputed website blamming speak Asia just for our publicity, website traffic but now we realize they are such a great resource to find our who is good and who is bad.
Everything on behindmlm every article about speak Asia is true. and why we do not believe such news – Speak Asia Marketing Launch a new website speakasiamarketing.com as Exit Policy Option for those customers who want to exit and want refund. but now website is not working from so long.
then why he takes customer information and now the thing is that do they not have sufficient funds to renew their space or they really don’t bother about their customer and their information.
Why Speakasiamarketing.com website is not working , they are not doing any illegal activity or not misleading , they are just taking the details of those customer who do not want to continue with Speak Asia. and company is taking this as an advantage in court case againsg speak asia then why the hell website is not working.
Everything is clear SPEAK ASIA IS FRAUD and Launch Exit Policy is also A DRAMA to mislead the customer.
I Request you to all speak asia members, this is time to stand up against this bastard company who is making us fool………..
High court has out right rejected Ashok Bahirwani’s Anticipatory Bail.
SpeakAsia’s lawyers were unable to explain the business model to the judges.
Now the question is, long ago i think it was Manoj Kumar while addressing media that we have given a closed envelope to the court with the names of clients and anyone who wants to know their clients will have to sign a NDA.
Now where did that client list go? and why didnt the speakasia lawyers provide client list to the court to prove it had survey clients?
Seems Manoj Kumar has made a lovely story and disappeared before being caught.
Speak Asia nailed!
After nearly two years finally the Indian court system has reaffirmed that Ponzi and pyramid schemes will not be tolerated. No matter how much BS the operators try to feed them.
Anju must be shitting bricks right about now.
Pop out the champange lads, it’s game over.
Too tired to do a writeup tonight but I’ll probably put one up tommorow.