MUMBAI: The EOW arrested two persons for their alleged involvement in the SpeakAsia scam. According to the police, the two-Saurabh Singh (26), an MBA graduate, and Suresh Kumar Padhi (35), a clerk attached to the naval dock, collected over Rs 20 crore from investors and duped them.
"The two were produced before the court and remanded in police custody till October 10," said the police.These arrests came after almost eight months when the police had arrested 10 accused in the fraud, wherein the number of investors is more than 24 lakh.
Singh completed his MBA from Bangalore and Padhi works in Mumbai.
SpeakAsia, floated in 2010, allegedly duped people by posing as a survey company. "As per our estimate, investors lost Rs 2,276 crore in SpeakAsia schemes. SC has also allowed EOW and ED, investigating money laundering allegations, to continue with probe," said Rajvardhan Sinha, additional commissioner of police, EOW.
Singh , who belongs to Lucknow,
is proprietor of Turtle Informatics, while Padhi owns Winner Associates in Mumbai. "Both had taken SpeakAsia franchise, collected money on behalf of the firm and deposited it in the company's account. We have come across some transactions done by those who claim to be associated with All India SpeakAsia Panelists Association. We are currently busy in collecting evidence against them," said B P Shelke, investigating officer. Cops said they have found that some agents' names were not mentioned in the financial transactions. "Inspite
Code words like Sakinaka, Andheri and Kalyan have been mentioned. We are probing the codes," the officer said. - Mateen HafeezThe Economic Offences Wing (EOW) arrested two persons-including an MBA and a clerk attached to the naval dock, for their alleged involvement in the multi-crore SpeakAsia fraud case. The two, say police, collected over Rs 20 crore from unsuspecting investors and duped them.
The accused were identified as Saurabh Singh (26) and Suresh Kumar Padhi (35). "Singh completed his MBA from Bangalore and Padhi is attached to naval dock and works in Mumbai as clerk. Both were produced before the court and remanded in police custody till October 10," said a police officer.
These arrests came after almost eight months. Earlier, the police had arrested 10 accused in the SpeakAsia fraud, wherein the number of investors is more than 24 lakh. Last week, the Supreme Court had recalled its order allowing mediation for settling the complaints of investors who lost their money in the schemes floated by SpeakAsia. The SC in a recent order said that the complaints are criminal in nature and facts presented before it does not justify settling the disputes through mediation.
SpeakAsia, floated in 2010, allegedly duped people by posing as a survey company. Investors were given usernames and passwords to be used on the company's now defunct website upon payment of Rs 11,000. Each panelist was given two surveys to complete in a week. Investors were promised Rs 52,000 if they completed 100 surveys in a year.
"As per our estimate, investors lost Rs 2,276 crore in SpeakAsia schemes. SC has also allowed EOW and Enforcement Directorate, investigating money laundering allegations, to continue with its probe," said Rajvardhan Sinha, additional commissioner of police, EOW.
Singh, who originally belongs to Lucknow, is the proprietor of Turtle Informatics, while Padhi owned 'Winner Associates' in Mumbai. "Both had taken franchise of SpeakAsia, collected money on behalf of the firm and deposited it in the company's account. We have come across some transactions done by those who claim to be associated with All India SpeakAsia Panelists Association. We are currently busy in collecting evidence against them," said B P Shelke, investigating officer. Police said they have found that some agents' names were not mentioned in the financial transactions. "Inspite Code words like Sakinaka, Andheri or Kalyan have been mentioned. We are probing whom these coded words belong to," the officer added.
"The two were produced before the court and remanded in police custody till October 10," said the police.These arrests came after almost eight months when the police had arrested 10 accused in the fraud, wherein the number of investors is more than 24 lakh.
Singh completed his MBA from Bangalore and Padhi works in Mumbai.
SpeakAsia, floated in 2010, allegedly duped people by posing as a survey company. "As per our estimate, investors lost Rs 2,276 crore in SpeakAsia schemes. SC has also allowed EOW and ED, investigating money laundering allegations, to continue with probe," said Rajvardhan Sinha, additional commissioner of police, EOW.
Singh , who belongs to Lucknow,
is proprietor of Turtle Informatics, while Padhi owns Winner Associates in Mumbai. "Both had taken SpeakAsia franchise, collected money on behalf of the firm and deposited it in the company's account. We have come across some transactions done by those who claim to be associated with All India SpeakAsia Panelists Association. We are currently busy in collecting evidence against them," said B P Shelke, investigating officer. Cops said they have found that some agents' names were not mentioned in the financial transactions. "Inspite
Code words like Sakinaka, Andheri and Kalyan have been mentioned. We are probing the codes," the officer said. - Mateen HafeezThe Economic Offences Wing (EOW) arrested two persons-including an MBA and a clerk attached to the naval dock, for their alleged involvement in the multi-crore SpeakAsia fraud case. The two, say police, collected over Rs 20 crore from unsuspecting investors and duped them.
The accused were identified as Saurabh Singh (26) and Suresh Kumar Padhi (35). "Singh completed his MBA from Bangalore and Padhi is attached to naval dock and works in Mumbai as clerk. Both were produced before the court and remanded in police custody till October 10," said a police officer.
These arrests came after almost eight months. Earlier, the police had arrested 10 accused in the SpeakAsia fraud, wherein the number of investors is more than 24 lakh. Last week, the Supreme Court had recalled its order allowing mediation for settling the complaints of investors who lost their money in the schemes floated by SpeakAsia. The SC in a recent order said that the complaints are criminal in nature and facts presented before it does not justify settling the disputes through mediation.
SpeakAsia, floated in 2010, allegedly duped people by posing as a survey company. Investors were given usernames and passwords to be used on the company's now defunct website upon payment of Rs 11,000. Each panelist was given two surveys to complete in a week. Investors were promised Rs 52,000 if they completed 100 surveys in a year.
"As per our estimate, investors lost Rs 2,276 crore in SpeakAsia schemes. SC has also allowed EOW and Enforcement Directorate, investigating money laundering allegations, to continue with its probe," said Rajvardhan Sinha, additional commissioner of police, EOW.
Singh, who originally belongs to Lucknow, is the proprietor of Turtle Informatics, while Padhi owned 'Winner Associates' in Mumbai. "Both had taken franchise of SpeakAsia, collected money on behalf of the firm and deposited it in the company's account. We have come across some transactions done by those who claim to be associated with All India SpeakAsia Panelists Association. We are currently busy in collecting evidence against them," said B P Shelke, investigating officer. Police said they have found that some agents' names were not mentioned in the financial transactions. "Inspite Code words like Sakinaka, Andheri or Kalyan have been mentioned. We are probing whom these coded words belong to," the officer added.
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