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,”
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