SpeakAsia Head of Sales Arrested

Published: 02nd February 2015 06:11 AM  |   Last Updated: 02nd February 2015 06:11 AM   |  A+A-

MUMBAI:The Economic Offence Wing (EOW) of the city police on Sunday arrested six persons including the country head (sales) of accused chit fund company SpeakAsia, in the Rs 2,276-crore cheating case. All the accused have been remanded in police custody till Saturday.

Those arrested include SpeakAsia’s country head Sanjeev Mehta, Hemant Suryavanshi, Hemant Chavan, Sudhanshu Tripathy, Virendra Singh and Hasmukh Patel.

Suryavanshi, Chavan, Tripathy and Singh were SpeakAsia’s franchise holders while Patel, arrested from Ahmedabad, ran Patel communication franchise.

A city resident, Navneet Khosla, had filed a police complaint in July 2011 stating that the firm had promised a return of Rs 52,000 on his investment of Rs 11,000.

The accused had made over 24 lakh investors, called panelists. Each panelist would be given an online survey form to fill up and would gain points. If all the points turn out to be correct, he would be paid Rs 52,000 for completing a year’s survey.

Many accused challenged the police case saying they were doing pure business.

However, police filed its reply saying it was a criminal act. The police have recently invoked the sections of stringent law, Maharashtra Protection of Interest of Depositors (MPID) act and under this law as per court order attached properties could be auctioned to repay the investors.

Police said that the ‘manager model’ was Mehta’s brainchild. He would identify potential youths and would appoint them as managers in SpeakAsia to lure people.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp