STAR News exposes Speak Asia Online

[Stuge]

:hysterical: :cantstop::hysterical: :cantstop::hysterical: :cantstop::hysterical: :cantstop::hysterical: :cantstop:

[Mariyam]

On a related note: The firm I work for is involved in a case in which a FMCG company ( the client) has filed a case against a market research firm. Of many things, one of the main points of contention is that the research company awarded gifts to the survey respondents. This they did without telling the FMCG company. So, according to the FMCG company the respondents were biased favorably towards the product. When the product was launched, it miserably failed. Now the FMCG company is trying to recover $$$ from the research agency. Thankfully, I'm not involved in this case. My natural doubt here: speakAsia promises to pay the respondents. Will that not make the respondents more favourably disposed towards a product/service? Is the data of any use to service provider/manufacturer in such a case? eg- If someone told me that I have to fill in an interview form with 50 questions, I might just rush through it especially those at the end out of boredom. However, if I were getting paid, maybe out of a feeling of duty I would be more sincere in my answering. How does the research company address that issue?

[DomainK]

On a related note: The firm I work for is involved in a case in which a FMCG company ( the client) has filed a case against a market research firm. Of many things, one of the main points of contention is that the research company awarded gifts to the survey respondents. This they did without telling the FMCG company. So, according to the FMCG company the respondents were biased favorably towards the product. When the product was launched, it miserably failed. Now the FMCG company is trying to recover $$$ from the research agency. Thankfully, I'm not involved in this case. My natural doubt here: speakAsia promises to pay the respondents. Will that not make the respondents more favourably disposed towards a product/service? Is the data of any use to service provider/manufacturer in such a case? eg- If someone told me that I have to fill in an interview form with 50 questions, I might just rush through it especially those at the end out of boredom. However, if I were getting paid, maybe out of a feeling of duty I would be more sincere in my answering. How does the research company address that issue?

Mariyam, the practice of rewarding the participants is quite old. In fact, it is a good way of ensuring that your participants are giving more attention to the questions and that you get a decent number of participants. And no, the payment is made by the research companies and not by the client directly. So their loyalty lies with the research company and they can serve the best by being honest and genuine in their responses. Most research companies happen to have a registered base of people from all classes/age groups/ income groups/ gender etc who are usually eager to participate (not just for the payment per survey, but for the usual prize money given to the winner of a lottery) and they participate in surveys frequently for different products and different clients. They are briefed to be honest and not biased. An efficient research company should be able to tale care of the bias factor. In most cases where the survey is pre-launch, the participants are not even told the name of the product or the company.

[AbhishekS]

Expected this to happen sooner or later. I always knew this as soon as I got to know about Speak Asia. Hopefully people in India and some other parts of the world do not get trapped in such scams again.

[mastana]

This is MLM(Multi Level Marketing).

[urbestfriend]

All survey companies are scams and after the ad on TV when I opened the website I saw you had to pay for registration which clarified that it was a paid survey. I was surprised at the ads after knowing that fact and wondered how such scams were allowed on TV. Indians trust on TV the most and if scams start showing on TV then it is a disaster for the nation.

Oh Cmon, there are many scams which goes on in TV these days. One of them which has surfaced recently in all channels is they show a morphed/joined photo of two famous Bollywood personalities and if you have to call a number and guess the personalities and if you do it correctly you will get Rs 50,000. I was watching it other day and I am surprised to see that none of the callers are getting it right even when this is straightforward. I also called this no , there is a recorded tone which asks you to keep waiting. I waited for 5 minutes , then I thought something is wrong. Later I found that the show is not "live" as it is displayed and I have been ripped off rs50 ( Rs10/minute) which is shows in very small moving fonts in TV. I wonder how can these scams are allowed in National televisions, many people are getting ripped off due to such scams.

[DomainK]

Expected this to happen sooner or later. I always knew this as soon as I got to know about Speak Asia. Hopefully people in India and some other parts of the world do not get trapped in such scams again.

Scams like reappear again and again because there is a potent market for such scams. There is no death of people who are lured by the concept of "easy money" and will fall for such things. You will be surprised at how many people fall the Nigerian scam of UK lottery winner where they e-mail to tell people that they have won some crores in a UK lottery, but have to pay the processing fees before getting the money. If people can fall for such obvious scams, speak asia and similar scams can actually make huge money. Speak Asia is actually not violating any laws. Technically, they are selling their e-zine for a payment. Tomorrow if the company stops sending surveys to the registrants, they will be legally safe as there is no express promise of a particular number of surveys periodically. But people are dumb.

[Stuge]

Speak Asia News conference http://www.ustream.tv/recorded/14743975 haha they are unable to give straight forward answers to any questions asked .

[THX_1138]

need anyone say anymore?

[Stuge]

Market research agency Speak Asia's shady ownership unearthed Headlines Today Bureau Wednesday, May 18, 2011 In a major revelation, Headlines Today has unearthed the shady ownership pattern of Speak Asia. Headlines Today has learnt that despite established knowledge, Speak Asia is not based in Singapore. The real owner or majority stakeholder is based in British Virgin Island, a known tax haven. The tax haven is used by tax evaders to channelise ill-gotten wealth. 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 secrecy in the ownership of Speak Asia conforms to a typical offshore structure where multi-layered waterfall structure is created to hide the actual owner. So that brings us to the all important question, who owns Speak Asia which has investment worth millions from Indians. The documents in Headlines Today's possession show Wong Chuen Shya as secretary. This can prove to be a challenge for Indian agencies as information from British Virgin Island can be obtained only through a letter rogatory. Noose tightens The noose is tightening around Speak Asia after Headlines Today uncovered irregularities in the functioning of the market research website. After the Headlines Today investigation, authorities in Uttar Pradesh raided two franchisees of Speak Asia. The raids were conducted after allegations of service tax violations against these franchisees. The raids were confirmed to Headlines Today by the office of Commissioner for Excise and Service Tax in Lucknow. Authorities also concede that the raids are a follow-up to the Headlines Today investigation. Govt probe Speak Asia's worries don't end there. The Centre has also now stepped in to ensure that the company's investors of Speak Asia are not taken for a ride. The Ministry of Company affairs has told Headlines Today that the government will ensure that the company does not indulge in any action which adversely impact the investors who have poured in millions into 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. A Headlines Today special investigation on Tuesday exposed the irregularities in Speak Asia.

source :india today http://m.indiatoday.in/itwapsite/story?sid=138566&secid=114

[akshayxyz]

AS FAR as I'm aware at-least 15lakhs people have invested till now .

:yikes: Who is with me to make a 'better' version of speakasia? we will charge only 1000Rs. even if 1Lakh people register - it gives 10crorers!!. payout about 3-4 crores to the 'old/diamond/platinum' members and run away with the rest!!

[akshayxyz]

Oh Cmon' date=' there are many scams which goes on in TV these days. One of them which has surfaced recently in all channels is they show a morphed/joined photo of two famous Bollywood personalities and if you have to call a number and guess the personalities and if you do it correctly you will get Rs 50,000. I was watching it other day and I am surprised to see that none of the callers are getting it right even when this is straightforward. I also called this no , there is a recorded tone which asks you to keep waiting. I waited for 5 minutes , then I thought something is wrong. Later I found that the show is not "live" as it is displayed and I have been ripped off rs50 ( Rs10/minute) which is shows in very small moving fonts in TV. I wonder how can these scams are allowed in National televisions, many people are getting ripped off due to such scams.[/quote'] Yes - that is another 'legal' way of scam..Last time I checked the ticker on those shows, they said 12Rs/min or (12Rs/sms.) counted per min. Besides, all those Reality shows that ask for 'votes' they also make tonnes of money from smses - 6Rs/min.

[ganeshran]

Speak asia has frozen payments because its accounts in Singapore are frozen

Mumbai: Market research company Speak Asia has stopped payouts to its vendors, clients and staff. In a letter to its members, Speak Asia says payments cannot be processed since its bank accounts in Singapore have been frozen. CNN-IBN had first reported how the market research agency is under the scanner for allegedly misleading subscribers. The Ministry of Company Affairs has ordered a probe into the company and its practices. Speak Asia has said it will approach the Supreme Court against the action. Government sources, however have said that Speak Asia is not registered in India and there is no question of taking any action against the company. Speak Asia is registered in Cayman Islands, sources said. Prominent lawyer Ashok Saroagi took up the case soon after the controversy broke out.

[Stuge]

Government sources, however have said that Speak Asia is not registered in India and there is no question of taking any action against the company. Speak Asia is registered in Cayman Islands, sources said.

Its high time for govt to take actions against such companies .Yes they were not registered ,but that doesn't mean Indian govt stays mum and see money being looted by foreigners . Its unfortunate that Indian govt can't protect the interest of its citizens .

[Stuge]

Dear Fellow Speakasians, Together we have worked very hard, night and day, to build a Brand, which has positively transformed the lives, of Lakhs of families across India in less than ONE year. There are so many heart-warming stories of personal triumphs and financial successes amongst the 19 lakh panellist community all across India already and we are poised to take the Brand into its India based operations phase. This was achieved by our investments in IT systems/Infrastructure along with the pride and passion of Panellists and our Sales and Support staffs in India and Singapore, who are inspired with the Big Vision of creating a Global online business model FROM India and very soon becoming Asia's largest sovereign panellist community of empowered consumers. The vicious media disinformation campaign, prompted by business rivalry, started at the closure of the successful and unique GenX Bazaar, on 11 May 2011. We responded by proactively reaching out to the various Indian Govt. authorities, including the PMO on 15 May 2011 by email, requesting a thorough investigation into our business. This is to satisfy the authorities that the company was properly looking after the interests of all SpeakAsians, be it our Panellists or hardworking staff in the field. Our proactive action, is keeping in mind YOUR business interests, forever in the days ahead. It has been brought to our notice, by our banking contacts, that despite the fact that authorities, have not replied to us formally or responded to our emails/letters of 15th till date, unfortunately, some Banks have temporarily frozen accounts of our India based agents. Due to the media noise, on 25 May'11, UOB Bank at Singapore has also pressed us, for closure of our 2 Bank accounts within 2 days, without giving us the chance to present our case or even listen to us. Please note, in order to set up a seamless International Banking Gateway like the one at UOB Bank, takes at least 6 to 8 weeks of interbank and managed IT infrastructure coordination and implementation. IMPACT: All the payments processed by Speakasiaonline between 13 to 20 May 2011, have been held up because the TT's have not been sent from Singapore to India, by the UOB Bank. On enquiring urgently, they provided us with a closure letter dated 25 May 2011. Please be assured, that the Account Balance at Speakasia's UOB Bank accounts, is for and behalf of our Panellist, Vendors and Staff. Whilst ALL the payments due to our Panellist community, is banked at UOB Singapore, nevertheless we have also urgently requested the UOB Bank and our law firm, to move the UOB Bank balance on the closure date, into a new Bank account or a Client Escrow account, to be held on behalf of the Panellists, Staff and Vendors of Speakasia ; An Escrow account would ensure certainty along-with the law firm's supervision that the panellist money is kept for your benefit and stand the scrutiny of any authorities. (An Escrow account is an arrangement where an independent trusted third-party (bank) receives and disburses money and/or documents for two or more transacting parties, with the timing of such disbursement by the third-party dependent on the performance by the parties of agreed-upon contractual provisions) Due to these banking account related actions we have been FORCED to temporarily delay our normally prompt payout cycle, pending set up of new banking operations and clearance from the authorities. NEXT STEPS: We are moving to the Supreme Court against the govt. Authorities and concerned Banks, for taking this SUO MOTO (without asking for clarification) action, without paying any attention to the interests of our Panellists, Vendors and Staff and their families; We are prepared with all records, for submission to the authorities, if and when they communicate their requirements to us. Also we have written to them asking for an appointment to explain our case. This has been a most disrupting experience for us ALL and we are MOST concerned about the disruption to your bank accounts and/or finances, that these actions prompted by the malicious media activity, thereby forcing the authorities have caused to us. We will update you with progress daily, through our website, our staff and Helpline. Please DO NOT pay attention to any other sources of Dis – information, which are designed to mislead and upset you and your families. We request all the panellists; to be with the company and have faith during these troubled times. We reiterate, that when the company had proactively gone ahead in order to submit the facts in front of the Govt. of India and authorities, then all the false allegations raised against us by various agencies, some of whom are competing unfairly with us, should not be allowed to prevail. As already committed by the untiring management team in India, in the press conference of 15th May 2011, we have initiated the setting up our PE (Permanent Establishment) through a Branch office in India, so that the wrong allegations about our being suspect because of our Singapore origin, will be silenced once and for all time to come. The entire company and its management is HERE TO STAY and are fighting, for our Panellists, Staff and Vendors and their families. We are sure to win this battle together!!. We understand that there is an online petition at the URL: http://tinyurl.com/speakpetition We request EVERYONE connected with Speakasia to sign the online petition and appeal for once and for all time clarity from the authorities. Ms. Harendar Kaur Chairperson & C.E.O

http://assets.speakasiaonline.com/static_popup/news_2752011.html

[Sachin=GOD]

Inside the SpeakAsia Ponzi scam: how 2.4 million Indians lost their savings

Every morning, just before breakfast, 44-year-old Mukesh Bisht* opens his laptop and checks his email. He patiently reads every new message, including the spam posts. Many of the messages are abusive; some threaten him with dire consequences; a very few are polite requests. Bisht doesn’t need to read the names. He knows who they are from — ‘downline’ investors, people he encouraged to sign up for what turned out to be the multi-crore SpeakAsia scam. Regardless of the tone, all the emails have a uniform demand: Bisht should compensate the senders for encouraging them to enrol in a get-rich-quick scheme with Singapore-based SpeakAsia Online Limited (SAOL). Bisht slips back into his chair, looks out of the window and curses. “I take a shower only after checking the email,†he says. “It helps me get over the abuse that is thrown at me every day. I feel duped and helpless.†Bisht, based in Dehradun, is among the 2.4 million Indians who fell prey to SAOL’s scheme, only to be duped later after the promoters disappeared with their booty. The company had asked investors or “panellists†to fill in online survey forms every week to earn Rs. 52,000 a year. To sign up, they said, you had to ‘invest’ Rs. 11,000 annually; you would recover that cost in less than three months, they promised. SAOL promised additional commissions if you enrolled more members. In reality, the consumer surveys had no end-user; SAOL had no business-linked revenue stream. “I recovered my initial capital at Speak Asia, but I am worried about the money of people who joined on my advice,†says Bisht. “What will I say to them if they never get their money back?†Bisht’s only hope is the recent arrest of alleged scheme kingpin Ram Sumiran Pal in India, following a multi-agency probe into what experts say was a “systematic financial swindle†of Rs. 2,200 crore. The Mumbai police recently filed a charge sheet against SpeakAsia’s promoters, detailing how unsuspecting investors were lured into parting with hard-earned savings. It contained 5,000 pages. THE PYRAMID SCAM The type of fragile financial pyramid used by SpeakAsia — designed to defraud investors — is called a Ponzi scheme. It is named after Carlo Ponzi, who promised his ‘investors’ a 50% profit in 45 days or a 100% profit in 90 days, claiming that the promised cash would roll in from the sale in the US of postal coupons sold at a discount in other countries. There was nothing illegal about trading in postal coupons. Ponzi could have made a reasonable sum in this trade. But he took an innovative route instead. He paid the early investors using money collected from newer entrants, and continued the cycle until he finally faced investigation over his business practices and it emerged that he had, meanwhile, duped his investors of a total of about $20 million. His early Indian successors followed more or less the same model, usually using the lucrative real-estate, hospitality and entertainment sectors as the lure. But the foreign front companies that later entered the growing Indian market from the US, Malaysia, Singapore and Bangladesh had an easier route — the internet. “No data is retrievable from those who operate on the Net, except data stored on their own servers, which we cannot access,†a top government source told HT. At a recent inter-departmental meeting, for instance, the Serious Frauds Investigations Office (SFIO) of the union ministry of corporate affairs raised an alarm about a US-based operator. But by the time detailed information could be obtained and passed on to state governments, “the money was taken out of India and lost for goodâ€. For the lakhs of unsuspecting investors, what follows is an ordeal of attempting to retrieve the lost capital, often without much success. In October 2011, 28-year-old Kanpur resident Sameer Manchanda borrowed `11,000 from his relatives to become a SpeakAsia Online panellist. “Initially, as the interest rolled in, it seemed like a dream job to me,†he says. A few months later, SpeakAsia ceased all payments and his down-line investors began asking what was going on. “All my dreams came crashing down,†he says. REGULATORY GAPS India’s regulatory architecture was not equipped to prevent such systematic financial swindles. Only recently did the government promulgate an ordinance empowering India’s market regulator, the Securities and Exchange Board of India (Sebi), to crack down on Ponzi schemes. With the amendments in force, Sebi now has the power to regulate any pooling of funds under an investment contract involving a corpus of Rs. 100 crore or more and attach assets in case of non-compliance. The capital market regulator can also seek information about people or organisations that it suspects may be involved in illegitimate transactions. SpeakAsia, in that sense, acted as a wake-up call. The sorry plight of lakhs of small savers duped by such deposit-collecting firms is symptomatic of a wider malaise that runs deep in the Indian economy. At the root are two primary attributes that continue to characterise the Indian economy — lack of access to basic conventional banking services for a large number of people, and absence of regulatory oversight. As a result of these factors, deals and schemes thrive outside the financial system, creating a web of transactions that obscure the sources of slush funds. More than four out of every ten adults in India still does not have a bank account. Access to banking services is central to preventing financial fraud. Too much hard-earned money is at stake for authorities to any longer look the other way. Why it’s called a ponzi scheme The type of fragile financial pyramid used by SpeakAsia — designed to defraud investors — is named after Carlo Ponzi, who orchestrated a massive scam along the same lines in the US, in the 1920s. His scheme is believed to have cost investors a total of $20 million Where the law stands In September this year, the government of India passed an ordinance titled The Securities Laws (Amendment) Second Ordinance, which seeks to amend the Sebi Act, the Securities Contracts (Regulation) Act and the Depositories Act. This ordinance gives sweeping powers to market regulator Sebi (the Securities and Exchange Board of India) to crack down on Ponzi schemes, seek call data records, and carry out search and seizure operations on promoters. It also empowers Sebi to question dubious entities that use ‘innovative’ investment schemes to dupe investors, and allows it to regulate money-pooling schemes worth Rs. 100 crore or more, attaching assets of a company in case of non-compliance with norms. The ordinance is now awaiting approval by Parliament. Riches to rags: major ponzi schemes in India The emu scam, Tamil Nadu In 2006, Susi Emu Farms introduced an investment scheme involving the rearing of the Australian bird, in a small town in the Erode district of Tamil Nadu. The scheme required an initial investment of Rs. 1.5 lakh from each ‘investor’ and promised a return of at least Rs. 1.44 lakh within two years. The firm said the money would come from the sale of emu meat, skin, feathers and eggs, even though the selling price of these items on the market was never very high. The company initially paid investors the promised returns, to prompt others to join in, but in 2012 the emu bubble finally burst and investors discovered that they had been duped of a total of Rs. 500 crore. The Saradha scheme, West Bengal [/QThe Saradha Group ran a collective investment scheme under the garb of a chit fund that collapsed in April 2013. http://www.hindustantimes.com/Images/popup/2013/12/photo_100x100_6.jpg After the fraud became public, it came to light that this was actually a Ponzi scheme that relied on paying old investors though funds collected from newer entrants. Though official figures are not yet available, industry sources peg the total worth of the Saradha scam at about Rs. 30,000 crore, with close to 1.7 million ‘investors’ duped. Sudipta Sen (above), erstwhile chairman of Saradha Group, has since been arrested and investigations are underway. the Gold Sukh scam, Rajasthan Gold Sukh Trade was a little-known Jaipur-based firm until November 2011, when it created ripples in the country over news of a Rs. 200-crore fraud. http://www.hindustantimes.com/Images/popup/2013/12/photo_100x100_7.jpg Managing director Narendra Singh and senior executives allegedly duped about 2 lakh people across Rajasthan in a Ponzi scheme where the company assured investors that their money was being invested in gold and promised a 150% increase in their investment in 18 months. Singh, his wife, five other directors of the firm and several executives were arrested in the case. Singh died of a heart attack while in police custody. Investigations into the scam are still underway

http://www.hindustantimes.com/india-news/inside-speakasia-ponzi-scam-how-2-4-million-indians-lost-savings/article1-1167405.aspx

[Zanjeer]

Dumb people. I remember a girl I know tried to brainwash me to join in a ponzi scheme. I gave the Wikipedia link on ponzi scheme. She read it and got bit depressed. What's surprising was that girl was a gold medalist in MBA and she somehow got sucked into this.