that Speak Asia's surveys were indeed fake and were just an eye wash, he said.
The Economic Offences Wing (EOW) Mumbai is investigating maximum number of cases of 'Speak Asia' fraud case since the last 28 months. It is reported that more than 210 bank accounts containing over Rs 142 crores have been frozen. Besides this, another 150 bank accounts are reportedly under investigation over suspicion of funds being transferred in the scam, said Gyanesh.
After escape from Mumbai, Ram Sumiran Pal settled in Dehradun with his in-laws. He invested the ill gotten money in real estate and started construction projects in Dehradun. He also purchased office and residential spaces in Mumbai, besides agriculture and commercial land in Shajahanpur, UP where he wanted to construct a luxury hotel, police said.
As per investigation, the money landed in UAE in the bank accounts and then in different bank accounts of certain entities, which were called Master Collecting Agents (MCA).
These MCAs in turn used to transfer and adjust the amounts in different bank accounts. From the information available, Directorate of Revenue Intelligence and other similar agencies are already investigating the matter to unravel the money trails.
"In order to further cheat the investors and facilitate the illegal laundering of money, the promoters had also purchased and used other International companies like Ad-Matrix Pvt. Ltd., Seven Rings International registered in Singapore and Italy," said Yadav.
During his interrogation, Pal told police that he had done Masters in Marketing Management (MMM) from Mumbai. His brother Ram Niwas was also working in Multinational Banks in Mumbai. After 2008, he started working with his brother and formed companies in association with other partners.
They used to buy the companies registered in other countries. In similar manner, they became part of top management of the company 'Speak Asia' registered in Singapore, but the company was actually having operations only in India.
Pal allegedly told police that the company used to lure gullible people on the pretext of paying them high returns. They kept the membership fee restricted to Rs 11,000 so that even middle class people could associate themselves.
A candidate had to pay