| Posted on: 2011-12-26/00:30:11 | India - Fraud & Cyber Crime News | Others/ |
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Office bearers of alleged fraud firm SpeakAsia had invested around Rs 100 crore in commercial galas at prominent shopping malls in the city, flats in posh buildings and cars. This was revealed during the probe on the firm across across several nations. An officer from the economic offences wing (EOW) of the Mumbai police said that the properties were bought over the past one year. "We have identified the properties in over a dozen buildings and shopping malls. In some buildings, the flats cost over Rs 12-13 crore. The accused also used the money to buy costly vehicles. Two Mercedes cars have been seized and we are planning to seize more," the officer said. The police say that they don't want to disclose the properties at this stage. "We are securing these properties. Once the process is completed, we will request the court to attach them," the officer added. The officer was reluctant to talk about the locations and names of the buildings and malls where Speak Asia office bearers own properties. The EOW, which is probing the alleged multi-crore fraud case, said that a red corner notice had been issued against Manoj Kumar Sharma, the Indian chief of the firm. "We received information that Sharma had transferred huge sums of money from India to the United Bank of Singapore, and from there to Latin America," said Rajvardhan Sinha, additional police commissioner, EOW. While nine persons were taken into custody by the police of various districts and states in the country, the company's chief operating officer (COO), Tarak Bajpai, managed to jump bail and has disappeared. "Bajpai is still at large," said Sinha. Bajpai told police he was a flight lieutenant before joining the multi-level marketing business in 2004. Police sources said that some of the accused still pretend to be victims and had even filed writ petitions in the Bombay High Court and Supreme Court stating that their business was completely legal. However, we have informed the court that a case has been registered against the company and that they have duped lakhs of people," said Shelke. The police said that the alleged fraud took place between March 2010 and May 2011. A police officer said that in such cases, the investors can also be booked under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 since they are essentially gambling. |
| Source: T I | Location : Mumbai |
