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Speak Asia Execs Arrested
Police in Mumbai, India have reportedly arrested the COO of Singapore-based online survey company Speak Asia, along with three other employees, on charges of defrauding investors of $US 294m.
In addition to Indian COO Tarak Bajpai, those arrested include financial manager Ravi Khanna and two technical staff.
According to Joint Police Commissioner (Crime) Himanshu Roy, around 1.2 million investors paid 11,000 rupees each to the company, and were given to understand they would make around 52,000 rupees (US$1,221) a year in return for taking two surveys a week (ie 500 rupees per survey).
Speak Asia has vigorously denied any wrongdoing and says it has always offered 'complete and total co-operation to all authorities about its functioning and methodology'. Indian CEO Manoj Kumar added of the latest events in an email statement: 'This sudden development has shaken us up as it puts a blot on our integrity and promise to the millions of people who are part of Speak Asia.'
Allegations about the company first surfaced two months ago, with some Indian publications saying its bank accounts had been frozen and quoting government officials suggesting the firm was under close scrutiny, but Government sources themselves would only say at the time that since Speak Asia is not registered in India there was no question of taking any action against the company.
At the time, CEO Manoj Kumar apologised to a number of leading brands whose names had been wrongly associated with the company as potential buyers of the surveys, but said he wished to reassure panellists their money was safe.
In the latest development, the accused reportedly appeared in court in Mumbai on Friday and were remanded in police custody until 4 August.
Web site: www.speakasiaonline.com .
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