Mumbai: The Enforcement Directorate on Tuesday
registered a case against Speak Asia, a Singapore-based online
survey company, under the Prevention of Money Laundering Act
in connection with a multi-level marketing scam, sources said.
The firm had allegedly duped over 12 lakh investors, also
called as panelists, to the tune of Rs 1,300 crore, after
assuring them commission if they introduced new members.
Speak Asia had promised lucrative returns to its
investors, who were asked to pay a fee to register with it,
through a multi-marketing pyramid model.
The city police had earlier arrested Speak Asia`s Chief
Operating Officer in India (COO) Tarak Bajpai, Financial
Manager Ravi Khanna, the web portal`s technicians Rajeev
Malhotra, and Rais Khan and panelist Deepankar Sarkar.