Amid the allegations of duping nearly 12 lakh investors across India, Speak Asia came up with a message saying that panelists can withdraw money from the scheme and can get their money back.
The disclaimer on the website claimed that panelist who wishes to withdraw from the scheme can write to the company and get their money back.
Also, Speak Asia released a press note describing that the company is in dialogue with the Reserve Bank of India on making the payments to panelists. Speak Asia coming up with 'Exit Policy' that gives the money back to people who wish to end their association with it.
Meanwhile, a local court in Mumbai granted bail to online firm's COO Tarak Bajpai and four other officials. Court granted bail to Bajpai, Speak Asia Financial Manager Ravi Khanna, the web portal's technicians Rajeev Malhotra and Rais Khan, and panelist Deepankar Sarka on surety of Rs three lakh each.
Commenting on the bail for COO, Speak Asia India CEO Manoj Kumar said that they have full faith in Indian judiciary and the company will overcome all accusations levied against it.
"We have full faith in the judicial wisdom and fairness of our country. We are confident that we shall be absolved of all accusations levied against us. We are also in dialogue with RBI to allow us to make payments to all our panelists who have stood firmly with us at the time of need. This will also help us to implement our exit policy which would enable those panelists who wish to end their association with the company," Manoj Kumar said.
Speak Asia was conducting multi-marketing pyramid model, which promised exorbitant investment returns to the investors.
Speak Asia offered Rs 52,000 return in an year after investing just Rs 11,000. It has been found that there are more than 20 lakh investors across India and the company had 150 franchises across the country.