Speak Asia, the biggest online scam in the country, has finally landed into the Police Net, by the arrest of its COO and other executives for running a Ponzi scheme, after they dodged the investors for over few months period by making dubious claims. Though they were released on bail after 3 weeks. A complaint was made against Speak Asia for allegedly duping over 15 lakh investors across India to the tune of Rs 2,000 crore.

The fraud has been pegged at 2,000 crore and it has been claimed by Home Minister R.R. Patil that efforts will be made to return the money to the Investors, in view of a new law passed in this respect. The investors are required to apply to Economic Offence Wing in their city. Though, only time would tell, whether it would be practically possible or not, as money has already been funnelled abroad as reported by Media. The Speak asia has also claimed that they would soon implement an exit policy which would enable those panelists who wish to end their association with the company, to get an early refund. Further, surprizingly in a message on the website, Speak Asia CEO still claims soon to be back in business and continued relationship!

more @ http://www.indianexpress.com/news/speak-asia-fraud-rs-2-000-crore/825777/

India and US have entered into a Memorandum of Understanding (MOU) to fight cyber crime jointly by timely exchange of information between the Computer Emergencies Team of both Countries, namely Indian Computer Emergency Response Team (CERT-In) and the US Computer Emergency Readiness Team (US-CERT). The agreement was signed by Jane Holl Lute, Deputy Secretary for the US Department of Homeland Security ( DHS) and India Department of Information Technology Secretary R Chandrashekhar in July 2011.

The MoU will establish the best practices for exchange of critical cyber security information and expertise between the two governments through the respective agencies. The MoU helps fulfill the commitment of both nations to advancing the global security and countering terrorism, one of the pillars of the US-India Strategic Dialogue, launched in July 2009.

more @
http://articles.economictimes.indiatimes.com/2011-07-19/news/29790778_1_cyber-security-cert-fight-cyber