SpeakAsia scam: Singapore national arrested in Chennai
Balwinder Singh, founder director of Singapore based MMWG Pvt. Ltd. was held by the immigration officers and handed over to the Mumbai EOW.Updated: Apr 13, 2018 00:00 IST
A 38-year-old Singapore national of Indian origin wanted in the Rs2,276crore SpeakAsia online marketing fraud, was arrested at the Chennai International Airport.
Balwinder Singh, founder director of Singapore based MMWG Pvt. Ltd. was held by the immigration officers and handed over to the Mumbai EOW.
Singh’s mother Harender Kaur, one of the key accused is still at large, police said.
Singh’s company MMWG Pvt. Ltd. and La Marca Services Private Limited, are linked to Speak Asia Online Private limited, Singapore, against which the Mumbai police had registered a criminal case seven years ago.
The police probe had found that SpeakAsia promoters had started an online marketing survey company in March 2010. It then asked investors to deposit Rs11,000 and fill survey forms of some multinational firms and on successful submission of surveys, they were promised Rs52,000 in return.
Initially, the company paid the investors back, but later it wound up its business, duping investors, the police probe found. The firm allegedly duped over 24 lakh investors and the amount of the scam has been pegged at Rs2,276 crore. According to the police complaint, SpeakAsia had allegedly remitted over Rs900 crore to Singapore. The money was sent from India to the banks in Singapore and from there to Dubai, Italy and the UK. However, the money came back from UK again to UAE (Dubai) and to India.
Cops suspect that the arrested accused Singh was instrumental in transferring money in Singapore by using bogus invoices, CA certificates and other forged documents. Hence, cops will be checking the bank accounts Singh was operating. Investigators suspect that Singh was in contact with the wanted accused Manoj Sharma, Harender Kaur and Mansur Patel.