Speak Asia panellist’s repayment under EOW radar  

March 21, 2012

Mumbai-based Navneet Khosla has been paid Rs6.06 lakh of the money he had invested with SpeakAsia by the All India SpeakAsia Panellists Association. The Economic Offences Wing of the Mumbai police is chasing the money trail and is suspecting AIPSA to be supported by SpeakAsia

Moneylife Digital Team

The Economic Offences Wing (EOW) probing the multi-crore Speak Asia scam is hot on the money that was used to repay, by the All India SpeakAsia Panellists’ Association (AIPSA), to a defrauded panellist. The investigating agency is chasing the money trail and is suspecting AIPSA to be in touch with the multi-level marketing (MLM) company. Sources confirm that this might also lead them to the whereabouts of the absconding top bosses of the Singapore-based MLM scheme.

Mumbai-based Navneet Khosla has been paid Rs6.06 lakh, which he had invested in the company, by the AISPA. He is the only panellist, so far, who has been paid back his invested amount after the scheme collapsed. However, Mr Khosla has not withdrawn his complaint against the company. AISPA, a representative group, claims to safe guard the interest of the panellists of SpeakAsia.

“We have doubt that they are in touch with the master-minds behind Speak Asia. The company did not pay to the complainant. He was paid by AISPA, which collected money from the panellists. But it does not look as simple as this. Many questions are yet to be answered,” said an EOW officer close to the investigation, on the condition of anonymity.

Meanwhile suspecting his arrest, Ashok Bahirwani, general secretary of AISPA, on Tuesday moved an anticipatory bail application in a local Mumbai court. “The matter has been adjourned till 3rd April and till then stay has been granted on his arrest,” said the officer familiar with the Speak Asia investigation.

According to a media report, Mr Bahirwani had written a letter EOW stating he is ready to co-operate with them in the investigation of the MLM scheme, Speak Asia. But the EOW replied that they would arrest him within 72 hours for non-cooperation. The report also states that Mr Bahirwani had been given a 72-hour notice before his arrest by the Bombay High Court after he approached the court for protection from the EOW. It is also reported that some of the panellists are crying foul over harassment by the EOW.

“I have now come to realize that the EOW is not interested in my co-operation they are only interested in my submission and in my surrender before them. The EOW wants me to go before them on my knees, with folded hands and head bowed in abject submission, with fear in my heart,” wrote Mr Bahirwani on AISPA’s website. He was referring to public prosecutor’s reply that he is not co-operating,

However, the investigating agency told Moneylife that, “AISPA is falsely spreading the information that Speak Asia, a MLM company, collapsed because of the EOW. This repayment by AISPA has nothing to do with our investigation. We have many complaints. Still many are coming and lodging new complaints against Speak Asia.”

Speak Asia duped around 23 lakh investors to the tune of Rs2,000 crore. It promises a weekly income, merely on filling online survey forms. Initially the company paid the money to its panellists but stopped all the payments since May 2010. After complaints were lodged, Speak Asia came under the radar of the EOW.