CID Freezes Speak Asia Bank Accounts 26 July 2011
HYDERABAD: After registering cases against Speak Asia online survey company,
accused of running a ponzi scheme across the country including Andhra Pradesh,
the state Crime Investigation Department (CID) has frozen the bank accounts of the company
having an amount of over Rs130 crore.
According to CID officials, Speak Asia online company, being run by one Harender Kaur from
Singapore, has indulged in a Rs 2,000 crore scam across the country.
The company used to promise huge money for filling its surveys.
Already, the ministry of corporate affairs, SEBI and Reserve Bank of India (RBI)
are looking into the affairs of the company.
"The company has not obtained any license from the Indian government, has not registered
itself but went on collecting money from about 19 lakh people in the country.
Around one lakh people from the state also invested in the company, a senior police official
associated with the probe told Express.
The company enrolled members and each member was asked to pay Rs 11,000.
Every week, the member would receive a questionnare which he is supposed to fill up and send to the company.
For this, he would be paid Rs 1,000. If the member gets two more persons enrolled, he would get reward points.
Likewise, the company had various schemes to offer and people fell prey to it.
The company has already transferred Rs 450 crore from India to Singapore.
We have frozen Rs 130 crore by writing to various banks,’’ officials said.
The move came after an interim order directing police against freezing bank accounts was vacated on Monday.
The CID had, about a month ago, registered cases against Speak Asia for cheating and the Prize Chits and
Money Circulation (banning) Act, 1978 under which such schemes fall have been banned.
Already, all activities of the company have been banned in the country.
Officials said that Harender Kaur also floated other companies under the banner --
Haren Automotives, Haren Auto Parts, Haren Ventures and she claims to be a resident of Singapore
and CEO of all these firms.
‘’We also examined several persons who had invested the money in Speak Asia
and they told us that they were not getting the money due to them.
Following this, a case was registered,’’ officials said.
accused of running a ponzi scheme across the country including Andhra Pradesh,
the state Crime Investigation Department (CID) has frozen the bank accounts of the company
having an amount of over Rs130 crore.
According to CID officials, Speak Asia online company, being run by one Harender Kaur from
Singapore, has indulged in a Rs 2,000 crore scam across the country.
The company used to promise huge money for filling its surveys.
Already, the ministry of corporate affairs, SEBI and Reserve Bank of India (RBI)
are looking into the affairs of the company.
"The company has not obtained any license from the Indian government, has not registered
itself but went on collecting money from about 19 lakh people in the country.
Around one lakh people from the state also invested in the company, a senior police official
associated with the probe told Express.
The company enrolled members and each member was asked to pay Rs 11,000.
Every week, the member would receive a questionnare which he is supposed to fill up and send to the company.
For this, he would be paid Rs 1,000. If the member gets two more persons enrolled, he would get reward points.
Likewise, the company had various schemes to offer and people fell prey to it.
The company has already transferred Rs 450 crore from India to Singapore.
We have frozen Rs 130 crore by writing to various banks,’’ officials said.
The move came after an interim order directing police against freezing bank accounts was vacated on Monday.
The CID had, about a month ago, registered cases against Speak Asia for cheating and the Prize Chits and
Money Circulation (banning) Act, 1978 under which such schemes fall have been banned.
Already, all activities of the company have been banned in the country.
Officials said that Harender Kaur also floated other companies under the banner --
Haren Automotives, Haren Auto Parts, Haren Ventures and she claims to be a resident of Singapore
and CEO of all these firms.
‘’We also examined several persons who had invested the money in Speak Asia
and they told us that they were not getting the money due to them.
Following this, a case was registered,’’ officials said.
posted by Internet Information @ 08:28
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