speak asia scam

TOPIC

SPEAK ASIA SCAM

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.

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.

HOW IT WORKS:

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STRATEGIES

CERTIFICATE OF GOOD STANDING BY SINGAPORE AUTHORITY

IN TERMS OF LAW

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REASONS:

 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.

PAPER RELEASE

PAPER RELEASE

PAPER RELEASE:

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.

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.

'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.

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.

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 itselfSpeak 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.

Conclusion