Speak Asia scam looted Rs 2,000 crore from India?

Mumbai, Aug 2: It seems like Speak Asia scam could be one of the biggest online scam reported in the country. According to latest reports, officials estimated that the scam may be as big as Rs 2,000 crore.

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Maharashtra Home Minister RR Patil said that investigators are inquiring about the money stashed by Singapore-based online company Speak Asia in foreign bank accounts. He also urged people to be careful before investing money in companies like Speak Asia which make unbelievable promises.

"We acted as soon as we received a complaint in the matter. People should be careful about investing money in companies which promise high returns within a short time. This company had given full-page advertisements in recognised newspapers and hired reputed advertising agencies," said RR Patil.

Home Minister also said government will form separate wings with offices in districts to act against economic offences. He also added that government is also planning to bring laws to regulate the companies that attract investments and these offences will be charged under Section 420 of IPC.

Earlier, after the arrest of Speak Asia COO Tarak Vimlendu Bajpai and 4 other portal technicians, the Economic Offences Wing (EOW) have questioned top officials of a Public Relation firm hired by Speak Asia.

A case was registered against Speak Asia for allegedly duping over 12 lakh investors across India to the tune of Rs 1,300 crore. Speak Asia was conducting multi-marketing pyramid model, which promised exorbitant investment returns to the investors.

OneIndia News