All panellists of the Ponzi scheme are eagerly waiting for their money
they had ‘invested’ in Speak Asia for earning huge returns. According
to investigative reports, almost half of the money collected by Speak
Asia was transferred to Singapore, while the rest may still be in
India
The Economic Offences Wing (EOW) has speeded up the investigation in
the Speak Asia scam to find out where the last source of the
money—which the company collected on the pretext of giving income
merely for filing e-surveys—was sent.
Sources from the investigating agency confirm that Speak Asia’s
financial consultant has given a few leads in the matter before been
sent to jail. An officer close to the investigation, preferring
anonymity, told Moneylife, “Our major focus of the investigation is to
find out the money trail. So far, it is learnt that some amount has
been sent to Singapore, while the remaining is still in India.”
In the meantime, there are several sites and blogs which have come up
over the Internet claiming to provide “latest and authentic”
information about Speak Asia. However, all the sites and blogs are
merely copying each other and trying very hard to keep their herd
intact. One can see the mood of panellists from the comments posted
below each article or blog post. The official website of Speak Asia
remains down.
Currently, the EOW has arrested Speak Asia’s financial consultant
Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer
responsible for designing e-surveys. “Both of them have been sent to
jail custody till 26th October,” said an official from EOW.
Mr Dandona was arrested by the EOW on 29th September, after it was
learnt that he was the proxy owner of Kritanj Management & Allied
Services and is linked with Speak Asia. Kritanj Management is the
master distributor of Singapore-based Haren Ventures Pte Ltd (HVP) for
e-zines in India. Mr Dandona is also alleged to be advising HVP and
Tulsient Tech Pvt Ltd and also transferring funds collected by Speak
Asia agents to Singapore.
Just the day after the arrest of Mr Dandona, it was revealed that the
online surveys, which Speak Asia used to claim (and its agents used to
believe), were actually created not in Singapore, but in Mumbai. This
was revealed following the arrest of Nayan Khandor on 30th September,
a Web designer and director of Dadar (central Mumbai)-based Brand
Salon, who said that his firm was active in creating the online
surveys for Speak Asia.
During the interrogation, Mr Dandona had revealed that Speak Asia was
indeed running a Ponzi scheme and Mr Khandor confessed that he
designed the surveys from Mumbai itself. (See:
http://www.moneylife.in/article/speak-asia-advisor-finally-confesses-the-company-was-running-a-ponzi-scheme/20369.html).
In a separate development in the same matter, the Andhra Pradesh High
Court, on 11th October, dismissed the bail petitions of Rajiv
Mehrotra, Speak Asia’s director, along with four other employees.
The Andhra Pradesh CID has registered a case against Speak Asia for
running a money-chain business without any registration. The bail
petition was dismissed and the HC also vacated a stay on the arrest of
the officials after they moved the HC against the FIR (First
Information Report).
they had ‘invested’ in Speak Asia for earning huge returns. According
to investigative reports, almost half of the money collected by Speak
Asia was transferred to Singapore, while the rest may still be in
India
The Economic Offences Wing (EOW) has speeded up the investigation in
the Speak Asia scam to find out where the last source of the
money—which the company collected on the pretext of giving income
merely for filing e-surveys—was sent.
Sources from the investigating agency confirm that Speak Asia’s
financial consultant has given a few leads in the matter before been
sent to jail. An officer close to the investigation, preferring
anonymity, told Moneylife, “Our major focus of the investigation is to
find out the money trail. So far, it is learnt that some amount has
been sent to Singapore, while the remaining is still in India.”
In the meantime, there are several sites and blogs which have come up
over the Internet claiming to provide “latest and authentic”
information about Speak Asia. However, all the sites and blogs are
merely copying each other and trying very hard to keep their herd
intact. One can see the mood of panellists from the comments posted
below each article or blog post. The official website of Speak Asia
remains down.
Currently, the EOW has arrested Speak Asia’s financial consultant
Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer
responsible for designing e-surveys. “Both of them have been sent to
jail custody till 26th October,” said an official from EOW.
Mr Dandona was arrested by the EOW on 29th September, after it was
learnt that he was the proxy owner of Kritanj Management & Allied
Services and is linked with Speak Asia. Kritanj Management is the
master distributor of Singapore-based Haren Ventures Pte Ltd (HVP) for
e-zines in India. Mr Dandona is also alleged to be advising HVP and
Tulsient Tech Pvt Ltd and also transferring funds collected by Speak
Asia agents to Singapore.
Just the day after the arrest of Mr Dandona, it was revealed that the
online surveys, which Speak Asia used to claim (and its agents used to
believe), were actually created not in Singapore, but in Mumbai. This
was revealed following the arrest of Nayan Khandor on 30th September,
a Web designer and director of Dadar (central Mumbai)-based Brand
Salon, who said that his firm was active in creating the online
surveys for Speak Asia.
During the interrogation, Mr Dandona had revealed that Speak Asia was
indeed running a Ponzi scheme and Mr Khandor confessed that he
designed the surveys from Mumbai itself. (See:
http://www.moneylife.in/article/speak-asia-advisor-finally-confesses-the-company-was-running-a-ponzi-scheme/20369.html).
In a separate development in the same matter, the Andhra Pradesh High
Court, on 11th October, dismissed the bail petitions of Rajiv
Mehrotra, Speak Asia’s director, along with four other employees.
The Andhra Pradesh CID has registered a case against Speak Asia for
running a money-chain business without any registration. The bail
petition was dismissed and the HC also vacated a stay on the arrest of
the officials after they moved the HC against the FIR (First
Information Report).
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