MUMBAI police Economic Offences Wing (EOW) arrested an accused in the multi-level marketing scheme, Speak Asia, on Thursday. The accused, Balwinder Singh (38) was detained at Chennai airport by the immigration department when he was returning from Singapore since a look-out circular was issued against him in 2014. The EOW then arrested him and produced him before the Mumbai court.
According to the EOW, Singh is the son of one of the main absconding accused, Harinder Kaur, and is one of the directors in companies related to Speak Asia in Singapore.
The EOW, through special public prosecutor, Pradip Gharat, sought his custody before the court stating that since Singh was a director of two companies related to Speak Asia, they had to inquire with him regarding the financial transaction. Gharat further said that it was suspected that over Rs 710 crore was laundered in bank accounts of Singapore. The remand application submitted by the EOW before the court also states that the officials want to probe Singh’s communication of other absconding accused. The court sent Singh to EOW custody till April 23.
This is the 34th arrest in the case with the EOW claiming that more than 20 lakh investors have been duped by the accused by seeking membership fee of Rs 11,000 and assuring them commission on new members.