First arrest in Admatrix scam

MUMBAI: The economic offences wing (EOW) of the city police has arrested SpeakAsia promoter Ram Sumiran Pal (36) in another ponzi scam, Admatrix. The EOW had already arrested him earlier this month for his role in the SpeakAsia scheme that defrauded lakhs of people of their investments.

“The first arrested accused who engineered the SpeakAsia fraud, Pal is the master planner of the ponzi scheme that left more than 24 lakh investors poorer by over Rs 2,276 crore,” said the police. Pal was arrested from Dehra Dun by the New Delhi police last month and handed over to the Mumbai police.

On March 28, 2012, two cases of fraud and cheating were registered against Pal and several others for their involvement in the Admatrix Pvt Ltd and SevenRings International ponzi schemes that were allegedly used to defraud investors. Those named in the two FIRs include SpeakAsia’s Indian head Manojkumar Sharma, Ram Nivas Pal, Priti Pal, Ram Sumiran Pal and Suhas Shirke.

“The SevenRings scheme, floated in February 2008, targeted the high-income group. It asked for an investment of Rs 35 lakh for a year and promised to return a profit of Rs 10,000 per day. This way, the profit would go to Rs 36.5 lakh a year. We received a complaint from a textile merchant who made the initial payments but the company office-bearers vanished,” said the police.

A doctor also approached the EOW saying he had lost Rs 35 lakh in the same scheme. “After SevenRings, the office-bearers introduced Admatrix, a middle-income group investment company. Floated in March 2011, Admatrix asked investors for Rs 7,500 and get huge returns. A complainant has lost Rs 6.9 lakh. Admatrix had its office on the same premises as SpeakAsia before it was shut,” the officer added.

Police invistigating the case and may arrest some more persons in admatrix scam also.Admatrix software done by hyderabad based software company which it will be also investigate.

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