Tarak Bajpai, COO of Speak Asia, was denied anticipatory bail for a second time on December 30, 2011, in connection with a First Information Report (FIR 30 of 2011) lodged in Hyderabad. Bajpai's business partner, Rajiv Mehrotra, also saw his identical bail application refused. Both men had previously applied for anticipatory bail in October and were denied.

The December applications, CRLP 14089/2011 for Bajpai and CRLP 14088/2011 for Mehrotra, sought protection from arrest in the ongoing investigation. A judge ruled that granting anticipatory bail would not serve "the interest of justice," based on evidence presented by the public prosecutor for the Andhra Pradesh CID.

Bajpai had previously received bail under strict conditions in a separate matter. The Mumbai Economic Offences Wing (EOW) later approached the High Court to cancel this bail, stating Bajpai failed to cooperate with police, did not appear before investigators, and provided no personal surety. The EOW claims Bajpai went into hiding after his initial release in October and has been missing for five months.

This situation echoes a recent Bombay High Court observation regarding missing persons in scam cases. On Thursday, a division bench of Justice V.M. Kanade and Justice P.D. Kode criticized police inaction in tracing a director of Aryarup Tourism and Club Resorts, another company accused of cheating investors. Public prosecutor Pandurang Pol mentioned that similar issues arose during hearings for scams like Citi Limouzine and Speak Asia.

Justice Kanade stated it was "inconceivable" that police could not find individuals like Ravindra Deshmukh, described as the mastermind of the Aryarup scam. "The Mumbai police had good reputation. They were considered next to Scotland Yard. What has happened? Are you controlled by all these people? You can't trace one man? If you want, you can trace anyone from anywhere," Justice Kanade remarked.

The Aryarup Tourism case appears to mirror Speak Asia, with key figures fleeing and authorities struggling to locate them. This highlights a perceived inability of the current police system to effectively handle complex financial scams and apprehend those responsible. The issue is compounded when bail is granted, and individuals subsequently disappear.

To date, Tarak Bajpai, Rajiv Mehrotra, Shaikh Rais Latif, Ravi Janakraj Khanna, Melvin Crasto, and Ashish Dandekar have been arrested and released on bail in the Speak Asia scam. The EOW confirms that Bajpai, Mehrotra, Latif, and Khanna have ignored bail conditions and gone into hiding. Crasto, President of AISPA, and Dandekar, a Regional Director for Speak Asia, have not been publicly seen since their bail releases late last month.