Police are probing the role of an international firm in the SpeakAsia scam.
They said a link had been established between Seven Rings International, a UAE-based firm, and the multi-level marketing company being investigated for fraud.
Sources said that the economic offences wing (EOW) found evidence to prove the nexus. "SpeakAsia office-bearers have been denying links with Seven Rings International, but we have got documentary evidence," said a police officer.
A source said Seven Rings entered into an agreement with SpeakAsia Pte ( Singapore) and Haren Ventures Pvt Ltd. "Seven Rings offered to act as a publisher for SpeakAsia surveys but on the condition that they get 60% profit while SpeakAsia got 40%. Seven Rings said it had a wider reach and the agreement would be beneficial to SpeakAsia. They promised to publish an electronic magazine (e-zine) too," said the source.
EOW arrested 10 persons allegedly associated with SpeakAsia last year following complaints from investors that they had been cheated. The investors had said that they had been sold web subscriptions for Rs11,000 each, and in return for filling survey forms for multinational firms, had been promised annual payments of Rs52,000. But the money, they said, had not been paid.
The police are hunting for SpeakAsia's Indian head, Manojkumar Sharma and its global chief Haren Kaur.
"SpeakAsia entered into the agreement in February 2011 to avoid tax agencies. "While Elia De Prisco signed papers on behalf of Seven Rings, Sharma signed them for SpeakAsia," said the source. Prisco is said to be an Italian who organizes business lectures and seminars across the world.
The police suspect that Sharma is behind the Brazilian firm Mister Colibri (mistercolibri.com and colibrimakemoney.com), which op-erates on the same model as SpeakAsia and lists Sharma as its largest investor.
The police suspect that over Rs700 crore was laundered from India with help from Seven Rings.
Investigators said AdMatrix, another company, was involved in SpeakAsia's operations.
Colibri promises investors large annual returns for watching advertisements on a video-sharing web site and EOW found that it was using the same backend codes as AdMatrix.
Source: Times of India – 27-Feb-2012