Dehradun. He also purchased office and residential spaces in Mumbai, besides agriculture and commercial land in Shajahanpur, UP where he wanted to construct a luxury hotel, police said.
As per investigation, the money landed in UAE in the bank accounts and then in different bank accounts of certain entities, which were called Master Collecting Agents (MCA).
These MCAs in turn used to transfer and adjust the amounts in different bank accounts. From the information available, Directorate of Revenue Intelligence and other similar agencies are already investigating the matter to unravel the money trails.
"In order to further cheat the investors and facilitate the illegal laundering of money, the promoters had also purchased and used other International companies like Ad-Matrix Pvt. Ltd., Seven Rings International registered in Singapore and Italy," said Yadav.
During his interrogation, Pal told police that he had done Masters in Marketing Management (MMM) from Mumbai. His brother Ram Niwas was also working in Multinational Banks in Mumbai. After 2008, he started working with his brother and formed companies in association with other partners.
They used to buy the companies registered in other countries. In similar manner, they became part of top management of the company 'Speak Asia' registered in Singapore, but the company was actually having operations only in India.
Pal allegedly told police that the company used to lure gullible people on the pretext of paying them high returns. They kept the membership fee restricted to Rs 11,000 so that even middle class people could associate themselves.
A candidate had to pay initially Rs 11,000 and he used to get a password and using this, he could open an account on the site of the company.
"At least two survey forms to each of the members were provided. For completing each survey form, a member used to get a return of more than Rs 4000 per month. Besides this, he could make further members and for each membership, he got Rs 1000 as commission and further share from the surveys forms submitted by the person referred by him.
"From the investigation, it has been found that all the surveys conducted by the company were fake and only in order to lure the people. They opened their franchises all over India and offered good commissions at different stages to their agents, so that they can lure the investors even from the remote areas of India," said Yadav.
Interestingly, the promoters who had collected huge amounts of