speak asia scam

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speak asia scam

  1. 1. TOPICSPEAK ASIA SCAM
  2. 2. INTRODUCTIONSpeak 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 arehaving two subscription plans:1) Premium: Anyone can join it by depositing Rs. 11000 incompanys account and he will get 8 surveys in a month,Rs.500 for each survey and it makes Rs. 4000 p/m2) Another plan is of Rs. 6000, in it a person will get 8 surveysbut the amount is 2000 p/m.
  3. 3. 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.
  4. 4. Continued…………
  5. 5. STRATEGIES
  6. 6. CERTIFICATE OF GOOD STANDING BY SINGAPORE AUTHORITY
  7. 7. IN TERMS OF LAW
  8. 8. CONTINUED….
  9. 9. CONTINUED….
  10. 10. REASONS:
  11. 11. Scam money in movies:Absconding Speak Asia official Ram Niwas Pal and hisbrother, Ram Sumrin Pal, allegedly invested Rs 2.5 crore of thescam money in small-budget movie Jeeyo Raja Phantom,which features Yadav and is awaiting release.Sources in Economic Offences Wing say that Ram Niwas Palknew Yadav before the film was made.The agency questioned the actor to ascertain how Ram NiwasPal channelled the money to the producers. While investigatorsdo not plan to block the film’s release, they have asked theproducers not to recover their share once it hits the theatres.
  12. 12. PAPER RELEASE
  13. 13. PAPER RELEASE
  14. 14. PAPER RELEASE:
  15. 15. Speak Asia advisor finally confesses the company was running a Ponzi scheme"He (Mr. Dandona) has confessed that thecompany was running a Ponzi scheme," anofficial close with the investigation of SpeakAsia, which had duped people on the pretextof promising income for merely filling e-surveys, told Money life.Mr. Dandona was arrested by the EOW on29th September, after it was learnt that he wasthe proxy owner of Kritanj Management &Allied Services and is linked with Speak Asia.Kritanj Management is the master distributorof Singapore-based Haren Ventures Pte Ltd(HVP) for e-zines in India. Mr Dandona isalso alleged to be advising HVP and TulsientTech Pvt Ltd and also transferring fundscollected by Speak Asia agents to Singapore.
  16. 16. 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 ministrys opinion on whether SFIO has the authority to probe a foreign company that has operations in India.
  17. 17. Speak Asia fraud @ Rs 2,000 croreHome Minister R R PatilMonday said the SpeakAsia fraud could be as bigas Rs 2,000 crore and themoney sent out of thecountry. The ministercautioned people againstinvesting money incompanies which makeunbelievable promises andsaid economic offences tothe tune of Rs 699.70crore were reported in thestate in 2010 alone.
  18. 18. 18-month-old caseFor more than 18 months now, theEOW has been probing the scam, whichinvolved a fraudulent marketingscheme. Some of the top bosses of SpeakAsia are absconding, including RamNiwas Pal and his brother.Yadav, known mostly for his comicroles, was summoned to the EOW’soffice at the police commissioner’schambers. Additional PoliceCommissioner (EOW) Rajvardhanconfirmed that investigators hadquestioned the actor and recorded hisstatement.
  19. 19. ConclusionSpeak Asias compensation package is a pyramid scheme disguised by a token disguise ofsurveys.Speak Asias corporate structure was revealed to be a fraud held by shell company on theother side of the globe.Speak Asias 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 aremisunderstandings.Speak Asia claimed to be either a survey company or a market research company, thendenied being either. Its lawyer claimed it is a magazine publisher. However, its businessregistration 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 104MILLION USD transferred out of India, where Indian government cant touch.Speak Asias COO was arrested along with others for financial irregularities and forgery.Speak Asia is a scam.

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