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Two franchisees arrested by CID

Staff Reporter

VIJAYAWADA: The CID police officials conducted surprise checks on the houses of franchisees of one online company Speak Asia in city and arrested two persons for allegedly indulging in illegal activities without having registration under the Companies Act 1956. The police acted on a complaint received from the Hyderabad-based Corporate Fraud Watch about the alleged illegal multi-level marketing activities started by Speak Asia, which was stated to be originally located in Singapore. They arrested D. Srinivas Reddy and L.V.A. Swamy in this connection and seized laptops, desktops, bank pass books and other material pertaining to the marketing activity. The modus operandi was stated to be that the company collects Rs. 6,000 to Rs. 11,000 for getting registered at Speak Asia. The registered person would be sent two surveys every week and gets Rs. 500 per each survey. Besides this, members would get referred income if they get others to enrol as new members.

CID SP Mahendra Kumar Rathod appealed to the public not to believe in deceitful promises being made by such companies.

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