The CID police of Andhra Pradesh raided the offices of two franchisees of speakasiaonline in Vijayawada and sezied laptops, desktops, passbooks and other material on the charges of illegally indulging in money circulation scheme in the name of online survey.
Corporate Frauds Watch formally lodged a complaint with the CID which prompted the sleuths to conduct the raids.
Way back on February 6th, 2011, Corporate Frauds Watch posted the illegal activities of speakasiaonline which is nothing but an illegal money circulation scheme in the guise of conducting surveys.
The two franchisees - D Srinivasa Reddy and L V A Swamy were arrested and would be presented in the judicial court, said Mr Ramana Kumar, Deputy Superintendent of Police, CID, Vijayawada. He said that speakasiaonline's business model is pyramid structure and a banned activity under the provisions of Prize Chits & Money Circulation Schemes (Banning) Act, 1978. He said that they would also raid the Mumbai office of the company and arrest the persons responsible for the 'operations'. He did not rule out the possibility of more arrests basing on the information available in the computers and laptops.