Ram Sumiran Pal arrested in Delhi; hunt for two others on.
Barely five days after he was hired by Speak Asia as its legal adviser, Ashok Saraogi withdrew from the case last Friday.
The Ministry of Corporate Affairs on Thursday said it cannot investigate alleged irregularities in multi-level marketing company Speak Asia as the company is not registered with it.
Bajpai, who is the most prominent face of the online survey company's India operations, was arrested under Indian Penal Code for cheating and conspiracy.
Of late Speak Asia (www.speakasiaonline.com) has been in the news and is being investigated by various regulatory agencies of the government, including the ministry of corporate affairs.
Ponzi scheme, as I had explained earlier, is essentially a fraudulent investment scheme where money brought in by the newer investors is used to pay off the older investors. This creates an impression of a successful investment scheme.
SFIO, the investigation arm of the Corporate Affairs Ministry, has been ordered to probe alleged fraud in 83 companies in the last four years, Parliament was informed on Thursday.
Ministry has ordered a closer scrutiny into the affairs of six companies that were covered in the report.
Delhi brokers under SEBI's glare for drawing investors through ads promising unrealistic returns.
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