SpeakAsia investors pocketed Rs.1,052 cr
Police sure that they are hand in glove with the company officials in carrying out the operations
A total of Rs1,052 crore is believed to have been usurped by top panellists or members of SpeakAsia, said police sources.
This was learnt during investigations into the multi-crore fraud in the multi-level marketing company.
SpeakAsia, an online survey company, has collected crores of rupees from users by promising huge payments for filling its survey, said the police sources.
"Investigations have revealed that Rs1,052 crore has been pocketed by the company's top panellists. They can also be booked under the Prize Chits and Money Circulation Schemes (Banning) Act," said an Economic Offences Wing (EOW) officer.
"The bank accounts of some of the panellists showed balance of crores of rupees. We are getting more details about such panellists as we are sure they are hand in glove with the company officials in carrying out the operations," he added.
According to sources in the EOW, after the alleged fraud came into light, the police had gone through the company's data in the computer and came across some startling facts.
The data showed that in 2010, there were only 42 members but by 2011, each month there was an increase of one lakh members.
"Once a member joins up and pays a fee of Rs11,000, SpeakAsia allows them to respond to market research which clients want conducted. Members also earn reward points that can be encashed for giving opinions on product and other promotional strategies," said Himanshu Roy, joint commissioner of police, crime.
The investigations have revealed that there were 35,60,00 panellists in Maharashtra, excluding 13,00,00 from Mumbai.
The highest numbers of panellists were from Uttar Pradesh, with 77,00,00 people investing their money in the company. Even people from far off places such as Lakshadweep, Meghalaya, Mizoram, Nagaland, Pondicherry and Sikkim were allegedly conned, the police said.
Another startling revelation that came into light was that SpeakAsia had allegedly created PIN for non-existent members.
"It has been learnt that 850 panellists were non-existent and their PIN or membership ID was generated by SpeakAsia itself. This was to gain confidence of people and lure them in investing into the company," said the officer.
"We have sent a Letter of Rogatory (letter seeking details about an accused) to the Singapore government through diplomatic channels and details of properties and bank accounts of Harinder Kaur, the mastermind behind the whole fraud has been sought," said additional commissioner of police, EOW, Rajvardhan.
Police sure that they are hand in glove with the company officials in carrying out the operations
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This was learnt during investigations into the multi-crore fraud in the multi-level marketing company.
SpeakAsia, an online survey company, has collected crores of rupees from users by promising huge payments for filling its survey, said the police sources.
"Investigations have revealed that Rs1,052 crore has been pocketed by the company's top panellists. They can also be booked under the Prize Chits and Money Circulation Schemes (Banning) Act," said an Economic Offences Wing (EOW) officer.
"The bank accounts of some of the panellists showed balance of crores of rupees. We are getting more details about such panellists as we are sure they are hand in glove with the company officials in carrying out the operations," he added.
According to sources in the EOW, after the alleged fraud came into light, the police had gone through the company's data in the computer and came across some startling facts.
The data showed that in 2010, there were only 42 members but by 2011, each month there was an increase of one lakh members.
"Once a member joins up and pays a fee of Rs11,000, SpeakAsia allows them to respond to market research which clients want conducted. Members also earn reward points that can be encashed for giving opinions on product and other promotional strategies," said Himanshu Roy, joint commissioner of police, crime.
The investigations have revealed that there were 35,60,00 panellists in Maharashtra, excluding 13,00,00 from Mumbai.
The highest numbers of panellists were from Uttar Pradesh, with 77,00,00 people investing their money in the company. Even people from far off places such as Lakshadweep, Meghalaya, Mizoram, Nagaland, Pondicherry and Sikkim were allegedly conned, the police said.
Another startling revelation that came into light was that SpeakAsia had allegedly created PIN for non-existent members.
"It has been learnt that 850 panellists were non-existent and their PIN or membership ID was generated by SpeakAsia itself. This was to gain confidence of people and lure them in investing into the company," said the officer.
"We have sent a Letter of Rogatory (letter seeking details about an accused) to the Singapore government through diplomatic channels and details of properties and bank accounts of Harinder Kaur, the mastermind behind the whole fraud has been sought," said additional commissioner of police, EOW, Rajvardhan.
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