Mumbai: Six days after arresting his younger brother, the Mumbai EOW and Delhi police in a joint operation arrested SpeakAsia mastermind promoter, Ram Niwas Pal, from Bangalore on Monday. Pal is considered to be number two in the fraud after India operations head 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 a time when he was trying to set up his base in Bangalore for another ponzi scheme,” said Rajvardhan Sinha, additional commissioner of police, EOW.
“Pal was in the air force but was deserted after a court martial. Later, he came in touch with people who operate ponzi schemes and started his own 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. When the Pal brothers wanted to expand their business, they joined Sharma, who was running Tulsiyat Tech.