19 May 2011

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Speak Asia Speak India registered in Mumbai having Indian Directors who is the owner of Speak Asia

Speak Asia Speak India registered in Mumbai having
Indian Directors who is the owner of Speak Asia

Money life has reported that Speak India Network Marketing P Ltd is a company registered in Mumbai, with Indian directors.
This company and Speak India Online are collecting money from survey panelists and have accounts in ICICI Bank, ING, State Bank of India and a dozen others.

Each bank has remitted Rs50 crore to Rs180 crore.

About Rs1,000 crore has already been transferred abroad.

The money remitted to these accounts are pooled into a company called Tulsiateck, which is also registered in Mumbai.

Tulsiateck remits funds to buy "survey software" from a company called Haren Ventures Pte of Singapore owned by Harender Kaur.

The money from Haren Ventures in Singapore may or may not be going to Speak Asia Singapore, the company in whose name this massive 'survey' company has enrolled 1.9 million panelists.
Haren Ventures is the distributor of e-zine "Surveys Today".

Money life has also reported that few banks have frozen the accounts of speak Asia.
Banks have frozen the bank accounts for possible foreign exchange violations.

HT investigation found that Speak Asia is not based in Singapore.
The real owner or majority stakeholder is based in British Virgin Island, a known tax haven.

Documents in possession of Headlines Today show while Harinder Kaur is a representative director of Speak Asia, the real owners or stakeholders have been identified as Podium Ring International Limited, based in Tortola in Virgin Islands.
The documents in Headlines Today's possession show Wong Chuen Shya as secretary.

Till date it’s reported that More than 19 Lakh Indians have joined the Speak Asia and they are doing Surveys and earning Money.

Authorities in Uttar Pradesh raided two franchisees of Speak Asia.

D.K. Mittal, Secretary of Ministry of Company Affairs, said that the department will work in close collaboration with the RBI and SEBI to safeguard investors' interest. The government will now look into the alleged act of irregularities of the market research company.

Speak Asia Business Model =
Invest Rs 11,000, answer two surveys every month and recover your investment in three months

All one needs to do is pay Rs 11000 to Speak Asia and open an e-account. Speak Asia sends two surveys to the member every week.

On an investment of Rs 11,000, the member earns Rs 4000 every month for a period of one year.

That's Rs 48,000-return on an investment of just Rs 11,000.

President of Investor Grievance Forum (IGF) Kirit Somaiya has lodged a written complaint against Speak Asia Online Ltd with the EOW of the Mumbai Police.

In his complaint, he has asked EOW to initiate inquiry against the company Speak Asia, with an allegation of dubious modus operandi in India.

See the example below and you will understand it all.

Company a started survey business.

10 People Join and become Member.

Each Member Pays 100 Rs.

10 Member multiply 100 Rs. = Company A got 1000 Rs.

As per company Rule Monthly each member will earn Rs. 25
Yearly Income Rs. 25 multiply 12 = 300 Rs.

And every Member who brings new member then company will pay Rs. 2 monthly for 12 months for bringing that member into this Scheme.
More members you will bring the Rs. 2 amount gets increased.

Monthly extra income Rs. 25

Each member invested Rs. 100 and He will get at the end of business Rs. 300.

Thus after investing 100 Rs. The members tell it to his friends and relatives and they also join it as they think their friend has invested then must be good company.

Each Member brings new member and he brings new member thus the chain is started to bring more and more members.

The Company owners keep paying money unless and until they want to .

One day company wounds it business and runs away.

In this scheme the founding members and old members earn and make money.

The members who invested and before their recovery of basic amount deposit if company runs away those innocent people never get their money back.

Marketing is such a thing that one will even end up buying dirty black water thinking that it’s pure water.

Reality views by sm –
Thursday, May 19, 2011

Keyword Tag – Speak Asia Fraud Speak Asia Chain Marketing Speak Asia Survey Cheating Fraud