Speak Asia Scam: Court grants bail to COO, 4 officials

Mumbai, Aug 19: A local court in Mumbai has granted bail to Speak Asia COO Tarak Bajpai and four others, who were held for allegedly duping investors through Speak Asia online survey scam. [UPDATE:

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The Esplanade Court on Thursday, Aug 19 granted bail to Tarak 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. They have been asked to surrender their passports and barred from traveling abroad.

Police arrested COO Tarak Bajpai on Jul 29 alleging that the company duped 12 lakh investors across India to the tune of Rs 2,000 crore. Speak Asia was conducting multi-marketing pyramid model, which promised exorbitant investment returns to the investors.

Recently, the Economic Offences wing of Mumbai Police Crime Branch also arrested Rahul Shah, vice president of Tulsient Information System Pvt Ltd, a Business Process Outsourcing (BPO) unit that looked after Speak Asia's financial affairs.

Police found Rs 139 crore in the Speak Asia's 35 frozen accounts. The police said that the fraud amount has crossed Rs 2,276 crore, but going by the number of investors, the amount could be over Rs 14,000 crore.

OneIndia News