They have been involved in a number of white collar crimes. Earlier his other two associates, who were his partners in crime, were arrested by the crime branch.
The company had duped over 24 lakh investors. The amount money looted as a result of the scam has gone up to Rs 2,276 crores. A number of cases were registered in different states.
After the scam came to light, Pal shifted residence to Bangalore and changed his name to Abhay Singh Chandel, with an altered physical appearance to conceal his identity. He is wanted for at least nine cases in Maharashtra, Andhra Pradesh, Haryana & Madhya Pradesh.
Ravindra Yadav, additional commissioner of police (crime branch) said, ‘He is the main conspirator and mastermind behind the Speak Asia scam, who devised the whole project. One of the sub categories of this project was called “Referral Sales Distribution System”. He has also created a number of companies with the help of Manoj Kumar Sharma and his younger brother Ram Sumiran Pal, in order to cheat lakhs of innocent people to earn huge sums’.
Ram Sumiran Pal was arrested by the Delhi police crime branch in November, based on a complaint filed by Rambir Sharma, a resident of Pitampura, Delhi. He reported that during 2010, Ram Niwas Pal, Manoj Kumar, Ram Sumiran Pal and Anil Khatri of Speak Asia induced him to invest in their company, with the promise of greater returns. On their inducement, he invested about 24 lacs in their company.
He also attended a seminar held at Talkatora Stadium in June 2011, where the accused persons addressed a huge gathering and lured them to invest more money by explaining their plans and painting a very rosy picture of their schemes. But after some time, they closed their company and fled away.
The accused brothers Ram Niwas Pal and Ram Sumiran Pal used to be part of the top management of various multi-level marketing companies registered in foreign countries like Singapore, Holland, Dubai, Italy and Brazil, which by its international profile, attracted more investors and also helped them launder money at a later stage.
The company had duped over 24 lakh investors. The amount money looted as a result of the scam has gone up to Rs 2,276 crores. A number of cases were registered in different states.
After the scam came to light, Pal shifted residence to Bangalore and changed his name to Abhay Singh Chandel, with an altered physical appearance to conceal his identity. He is wanted for at least nine cases in Maharashtra, Andhra Pradesh, Haryana & Madhya Pradesh.
Ravindra Yadav, additional commissioner of police (crime branch) said, ‘He is the main conspirator and mastermind behind the Speak Asia scam, who devised the whole project. One of the sub categories of this project was called “Referral Sales Distribution System”. He has also created a number of companies with the help of Manoj Kumar Sharma and his younger brother Ram Sumiran Pal, in order to cheat lakhs of innocent people to earn huge sums’.
Ram Sumiran Pal was arrested by the Delhi police crime branch in November, based on a complaint filed by Rambir Sharma, a resident of Pitampura, Delhi. He reported that during 2010, Ram Niwas Pal, Manoj Kumar, Ram Sumiran Pal and Anil Khatri of Speak Asia induced him to invest in their company, with the promise of greater returns. On their inducement, he invested about 24 lacs in their company.
He also attended a seminar held at Talkatora Stadium in June 2011, where the accused persons addressed a huge gathering and lured them to invest more money by explaining their plans and painting a very rosy picture of their schemes. But after some time, they closed their company and fled away.
The accused brothers Ram Niwas Pal and Ram Sumiran Pal used to be part of the top management of various multi-level marketing companies registered in foreign countries like Singapore, Holland, Dubai, Italy and Brazil, which by its international profile, attracted more investors and also helped them launder money at a later stage.