Speak Asia MD floated, closed down 25 firms

HYDERABAD: Sleuths of the Crime Investigation Department (CID) probing the Speak Asia fraud, have learnt that Harinder Kaur, managing director of the company, floated and closed down about 25 companies in Singapore after duping many people.

Sources associated with the investigation told Express that the CID, which is gathering information from various channels about Speak Asia, said Harinder Kaur floated the companies during the last few years and closed them down one after the other.

The CID further learnt that a Singapore national, said to be close to Harinder Kaur, was made the director of these companies. She floated one company Seven Rings in Singapore with offices in Dubai and Mumbai. It had also come under the adverse notice, sources said.

Investigators said Rs. 25 crore from the company office in Dubai was sent to the Mumbai office sometime ago which was used in investing in properties owned by Speak Asia. “We are obtaining more information on the business transactions of these companies. As per the available information, Harinder Kaur is presently in Singapore,” sources said.

The CID is seeking the help of Interpol to lay their hands on the MD and other officials of the company, which is accused of committing a fraud to the tune of Rs. 2,000 crore by running a ponzi scheme. The online company had collected hundreds of crores from users by promising huge payments for filling its surveys. It was alleged that Speak Asia used new investments to pay existing subscribers.