Six days after arresting his younger brother, the Mumbai EOW and Delhi police in a joint operation nabbed SpeakAsia mastermind promoter, Ram Niwas Pal, from Bangalore on Monday evening. Pal is considered to be number two in the SpeakAsia fraud masterminds after wanted accused Manoj Kumar Sharma.
Pal, 41, is accused of amassing more than Rs 300 crore earned fraudulently in the erstwhile SpeakAsia case. “Our team was in touch with the Delhi police and we learnt that Pal was in Bangalore. A trap was laid and we arrested Pal at time when he was trying to set up his base in Bangalore for another ponzy scheme,” said Rajvardhan Sinha, additional commissioner of police, EOW. The Delhi police had on November 26 arrested Pal’s younger brother, Ram Sumiran, in Dehradun.
“Pal was in the air force but was deserted after a court martial. Later, he came in touch with some people who operate ponzy schems and started his own ‘high returns scheme’ in 2003,” added Sinha. Pal is the master planner of the ponzi scheme which left over 24 lakh investors poorer by over Rs 2,276 crore,”
more @ http://timesofindia.indiatimes.com/city/mumbai/SpeakAsia-fraud-mastermind-held-in-Bangalore/articleshow/26752712.cms
Speak Asia Deposits $10 million with Supreme Court of India
The order dated 23 February 2012 is as follows, whereby Speak Asia has deposited the amount as per the order of the Supreme Court of India.
“SUPREME COURT OF INDIA
RECORD OF PROCEEDINGS
WRIT PETITION (CIVIL) NO(s). 383 OF 2011
SOLOMON JEMES & ORS.
VERSUS
UNION OF INDIA & ORS.
(With application for impleadment, directions, stay and office
report)
Date: 23/02/2012 This Petition was called on for hearing today.
UPON hearing counsel the Court made the following
O R D E R
In pursuance to the directions of this Court dated 6th February, 2012, respondent Nos. 3 and 4 have deposited an amount of US $ 10 million by way of a bank draft bearing DD No. 037002 dated 20th February, 2012 drawn on State Bank of India, Singapore Branch in favour of “The Registrar, Supreme Court of India” in the Registry of this Court.
Learned counsel for the respondent Nos. 3 and 4 submits that this amount be deposited in a fixed deposit for a period of 91 days initially with the UCO Bank, Supreme Court Compound, on an auto renewal basis.
This request seems to be reasonable and we order accordingly.
We also direct the Secretary General of this Court to invest the amount today itself in the UCO Bank, Supreme Court Compound for a period of 91 days on auto renewal basis.
With these directions, this application stands disposed of. However, it is made clear that the disbursement of the amount would be subject to further orders of this Court.
Learned Additional Solicitor General undertakes to file an Affidavit. She may do so within a period of two weeks.
Reply, if any, thereto be filed within two weeks thereafter.
– Court Master”
source: http://courtnic.nic.in/supremecourt/temp/383201132322012p.txt