New Delhi, Nov 26 (IANS): The prime accused in the Rs.2,276 crore "Speak Asia" scam -- in which almost 24 lakh people across India were duped -- has been arrested, police said Tuesday.

Ram Sumiran Pal, 37, one of the masterminds of the Speak Asia scam, was arrested Monday evening from Delhi's Connaught Place area where he had come to meet a businessman over a land deal.

"Pal, who is wanted in at least eight cases in Mumbai, Andhra Pradesh, Haryana and Madhya Pradesh, is the first senior office bearer of Speak Asia to be arrested," said Additional Commissioner of Police (Crime Branch) Ravindra Yadav.

The Speak Asia online survey marketing company, registered in Singapore, was introduced in India in 2010 by Pal with the help of his brother Ram Niwas Pal and Manoj Sharma.

Speak Asia sold web subscriptions for Rs.11,000 and in return investors had to fill survey forms for certain multi-national firms for promised annual payment of Rs.52,000.

After paying a few initial investors, Speak Asia wrapped up its operations in India around mid-2011.

"During this period, the company duped over 24 lakh investors. The amount of the scam has gone up to Rs.2,276 crore," the officer said.

"Both the brothers used to be part of the top management of multi-level marketing companies registered in foreign countries like Singapore, Italy and Brazil, which by its international profile, attracted more investors and also helped them in money laundering at a later stage," said Yadav.

The officer said the Mumbai police's Economic Offences Wing is investigating several cases related to the Speak Asia fraud for the last two years.

"It has been reported that more than 210 bank accounts containing over Rs.142 crore have been frozen. Another 150 bank accounts are reportedly under investigation over suspicion of funds being transferred in the scam," the officer said.

"Speak Asia had remitted over Rs.900 crore to Singapore. The money was sent from India to banks in Singapore and from there to Dubai, Italy and Britain. Interestingly, the money came back from Britain again to the UAE (Dubai) and back to India," he said.

Pal, a resident of Shahjahanpur in Uttar Pradesh, holds a master's degree in marketing management from Mumbai. His brother was also working at a multinational bank in Mumbai.

After 2008, he started working with his brother and formed companies in association with other partners. They used to buy companies registered in other countries.

Pal later settled in Dehradun in Uttarakhand with his in-laws. He invested the money in real estate and started construction projects of villas and luxury duplex flats in Dehradun.

"Whenever he felt the heat of investigation, he used to go to Malaysia. Being aware of his wanted status, he used to take flights from Kathmandu," the officer said.