Speak Asia is a Singapore-based company that entered the Indian market in 2010 promoting online survey plans paying Rs. 4,000-2,000 per month. However, investigations have revealed Speak Asia was operating a Ponzi scheme. The serious fraud investigation office found Speak Asia remitted Rs. 700 crore out of India through four franchisees to its master franchise in Singapore. Speak Asia's CEO has admitted clients and surveys did not exist, and the business model was misunderstood. Multiple government agencies are investigating Speak Asia for fraud and many top executives have absconded.
2. INTRODUCTION
Speak Asia is a Singapore based market research company.
They perform many activities and online survey is one of them.
It came in India in 2010 and it is growing very fast. They are
having two subscription plans:
1) Premium: Anyone can join it by depositing Rs. 11000 in
company's account and he will get 8 surveys in a month,
Rs.500 for each survey and it makes Rs. 4000 p/m
2) Another plan is of Rs. 6000, in it a person will get 8 surveys
but the amount is 2000 p/m.
3.
4. HOW IT WORKS:
ANY INDIVIDUAL /GROUP/CORPORATE CAN EITHER SUBSCRIBE AS A PREIMIUM OR
STANDAD PANELIST , STANDARD PANELIST HAS TO PAY $120 DOLLOR AGAINST
TRAINING, SUPPORT AND FOURTNIGHTLY E-BULLETIN (26 ISSUES) WHERE AS PREMIMUM
PANELIST HAS $ 220 AGAINST TRAINING, SUPPORT AND WEEKLY E-BULLETIN(52 ISSUES)
AN INDIVIDUAL IS TO MAINTAIN MAXIMUM 03 PANEL CENTERS.EACH PANEL CENTER
CAN FURTHER ADD UPTO 9SUB- PANEL CENTER.
EACH PANEL CENTER CAN BE PURCHASED BY ADDING $200 ON A PANEL CENTER
ADDING SUB-PANEL IS SIMILAR TO TOPPING UP YOUR MOBILE BY ADDING YOUR
VALUE.
INDIVIDUAL/GROUP/CORPORATE CAN ALSO ASSOCIATE WITH SPAEK ASIA AS PANEL
SUPPORT CENTER AND EARN ADDITIONAL BONUS FOR SUPPORTING PANELISTS. A
PANEL SUPPORT CENTER HAS TO MAINTAIN MINIMUM $20000 AS BUFFER STOCK AT
ANY POINT OF TIME.
PANELIST TRAINER IS AN INDIVIDUAL AUTHORISED BY COMPANY TO TRAIN, GUIDE
AND MONITOR THE PANELISTS. ALL INDIVIDULAS WHO DESIRE TO BECOME TRAINER
HAVE TO UNDERGO THROUGH A SPECIAL TRAINING PROVIDED BY THE COMPANY
TRAINERS WILL BE PAID ADDITIONAL INCENTIVES.
22. Scam money in movies:
Absconding Speak Asia official Ram Niwas Pal and his
brother, Ram Sumrin Pal, allegedly invested Rs 2.5 crore of the
scam money in small-budget movie Jeeyo Raja Phantom,
which features Yadav and is awaiting release.
Sources in Economic Offences Wing say that Ram Niwas Pal
knew Yadav before the film was made.
The agency questioned the actor to ascertain how Ram Niwas
Pal channelled the money to the producers. While investigators
do not plan to block the film’s release, they have asked the
producers not to recover their share once it hits the theatres.
26. Speak Asia advisor finally confesses the company was running a Ponzi scheme
"He (Mr. Dandona) has confessed that the
company was running a Ponzi scheme," an
official close with the investigation of Speak
Asia, which had duped people on the pretext
of promising income for merely filling e-
surveys, told Money life.
Mr. Dandona was arrested by the EOW on
29th September, after it was learnt that he was
the proxy owner of Kritanj Management &
Allied Services and is linked with Speak Asia.
Kritanj Management is the master distributor
of Singapore-based Haren Ventures Pte Ltd
(HVP) for e-zines in India. Mr Dandona is
also alleged to be advising HVP and Tulsient
Tech Pvt Ltd and also transferring funds
collected by Speak Asia agents to Singapore.
27. Speak Asia remits Rs 700 cr out of India: SFIO
The serious fraud investigation
office (SFIO) probing the Singapore-
based Speak Asia has found that
that the web-based company
remitted Rs 700 crore out of India.
CNBC-TV18 has learnt that the SFIO
probe has also revealed that the
company operated out of India with
four franchisees and used Haren
Ventures as its master franchise to
remit funds. The SFIO has asked the
ministry of corporate affairs (MCA)
to investigate these franchisees.
The MCA has sought law ministry's
opinion on whether SFIO has the
authority to probe a foreign
company that has operations in
India.
28. 'Speak Asia fraud @ Rs 2,000 crore'
Home Minister R R Patil
Monday said the Speak
Asia fraud could be as big
as Rs 2,000 crore and the
money sent out of the
country. The minister
cautioned people against
investing money in
companies which make
unbelievable promises and
said economic offences to
the tune of Rs 699.70
crore were reported in the
state in 2010 alone.
29. 18-month-old case
For more than 18 months now, the
EOW has been probing the scam, which
involved a fraudulent marketing
scheme. Some of the top bosses of Speak
Asia are absconding, including Ram
Niwas Pal and his brother.
Yadav, known mostly for his comic
roles, was summoned to the EOW’s
office at the police commissioner’s
chambers. Additional Police
Commissioner (EOW) Rajvardhan
confirmed that investigators had
questioned the actor and recorded his
statement.
30. Conclusion
Speak Asia's compensation package is a pyramid scheme disguised by a token disguise of
surveys.
Speak Asia's corporate structure was revealed to be a fraud held by shell company on the
other side of the globe.
Speak Asia's headquarters in Singapore was revealed to be a sham.
Speak Asia CEO admitted that their clients do not exist, and any claim of large income are
misunderstandings.
Speak Asia claimed to be either a survey company or a market research company, then
denied being either. Its lawyer claimed it is a magazine publisher. However, its business
registration shows it to be none of the above.
Speak Asia is being investigated by multiple government agencies.
Speak Asia used cult techniques to whip up support for itself
Speak Asia delayed the Indian government from freezing its assets, resulting in 104
MILLION USD transferred out of India, where Indian government can't touch.
Speak Asia's COO was arrested along with others for financial irregularities and forgery.
Speak Asia is a scam.
