Skip to main content

Government probes online survey company Speak Asia for Ponzi scam

Speak Asia Fraud  !


Well a few months back a friend of mine approached me to become a part of some Survey company who is paying INR 1000 per 2 online surveys (takes 20mins) and one had to invest INR 11000 upfront. Being on the internet for more then 12 years now from the face of it looked to me as some scam as who in the world will pay Rs.1000 (thats around 25$) for some 20 mins that too for a survey. That time I didnt even cared to ask about the name of the company.

Recently it again caught my attention by seeing the "Speak Asia" ads frequently in middle of IPL. I am sure you all have also seen Speak Asia advertisement how its now easy to make money online by filling surveys and the whole family is happy. So the deal seems to be getting more sweeter by the day for everyone joining in and they are not only making money for the participants, and for themselves too to buy advertising spots in IPL matches and also run a few TVC kind of ads on Imagine TV where the anchor is Rakshanda Khan.
                                                                                                   
a) Company Background:
The company name is: SpeakAsia Online Pte Ltd.  
formerly known as : Haren Technology Pte. Ltd.
formerly known as: PAN Automotives Pte. Ltd.

(Compliance rating for this company is Non Compliant currently)

Prior to this name they were operating under:

HAREN VENTURES PTE. LTD.
f.k.a HAREN AUTO PARTS PTE. LTD.
f.k.a HAREN MULTICONSULT TRADE SERVICES PTE. LTD.


MUMBAI: Indian authorities have launched an investigation into Speak Asia, an online survey company that has collected hundreds of crores from users by promising huge payments for filling its surveys. The Ministry of Corporate Affairs (MCA), Economic Offences Wing, market regulator Sebi and bank regulator Reserve Bank of India will look into different aspects of the Singapore-based firm's operations here, following complaints from various consumer groups, persons familiar with the development said.




Speak Asia, which does not have an office in the country, charges 10,000 or 5,000 upfront from web surfers towards a subscription of 'Surveys Today' e-zine, an online magazine, for one year and six months respectively to enrol as its panellists. But it offers up to 900 to fill up two surveys of about 12 lines each. And it says it has enrolled 1.9 million panellists.
While Sebi will examine if it is a collective investment scheme, which the company has denied, the Reserve Bank will probe if there is money laundering. "Speak Asia is running a money circulation scheme that comes under the purview of the state governments. However, the Reserve Bank is also investigating if the unregistered company has remitted money overseas above the permissible limit," a person familiar with the development said. Sebi officials declined comment. An RBI spokesman only said the bank does not regulate multi-level marketing companies.
One of the complainants is Kirit Somaiya, a former Member of Parliament and president of the Investors' Grievances Forum. He alleges that Speak Asia is a fly-by-night operator trying to dupe investors. "It does not have any legal documents to carry its business. How can a company give 52,000 per week for a subscription of 11,000 per annum for e-zine?" he says.

~Be Aware~

Comments

  1. aman11 July 2011 at 20:04

    yeah friend it is a big scam .
    thanks for writing about it

    ReplyDelete

Post a Comment

Further If You Want Us To Write About a Topic Which You Are Finding Difficult You can leave a Comment Here

Popular posts from this blog

6 Insane Discoveries That Science Can't Explain

We like to feel superior to the people who lived centuries ago, what with their shitty mud huts and curing colds by drilling a hole in their skulls. But we have to give them credit: They left behind some artifacts that have left the smartest of modern scientists scratching their heads. For instance, you have the following enigmas that we believe were created for no other purpose than to fuck with future generations. #6.   The Voynich Manuscript The Mystery: The Voynich manuscript  is an ancient book that has thwarted all attempts at deciphering its contents. And it's not like some idiot just scribbled a bunch of nonsense on paper and went, "Figure THIS out, fuckwads." It is actually an organized book with a consistent script, discernible organization and detailed illustrations. It appears to be a real language--just one that nobody has seen before. And it really does appear to mean something. But nobody knows what. There is not even a con...
Post a Comment
Read more

Do You Know We Can Chat With Command Prompt On Same Network

Chat With Command Prompt  On Same Network Talk with other computers on your network with command prompt only no messenger needed. If you want a private chat with a friend or client on you Network, you don't need to download any fancy program! All you need is your friends IP address and Command Prompt. Firstly, open Notepad and enter: @echo off :A Cls echo MESSENGER set /p n=User: set /p m=Message: net send %n% %m% Pause Goto A Now save this as "chat.bat". Open the command prompt by going to Start -> Run ->cmd  ->Enter  now drag this chat.bat file to the cmd window and press enter . now u will see something like . MESSENGER User: After "User" type the IP address of the computer you want to contact. After this, you should see this: Message: Now type in the message you wish to send. Before you press "Enter" it should look like this: MESSENGER User: 56.108.104.107  ( your friends ip address here like example shown here  ) Mess...
4 comments
Read more

Windows Best Softwares Collection You Never Know

7 zip Compression Software 7-zip is the best file compression software ever with file size less than 1.5 MB . This  File  Compression tool can convert any file to any Compression format (e.g.  .rar , .zip , .zipx , .7z , .tar , .tar.gz , .gz2 , .gz , .archive  etc...)  and can also decompress from any Format to Original file . Its Own Compression Format  .7z  is the Best compresion format in present time it gives you more compresion than any one else whether it is  Winzip , Winrar or any thing else  .  One of  its best feature is that it can Join the part files which you download from internet , and use programs like hjsplit to join them . It can also  break big files in to part files which can  be carried easily and  joined  again at destination . This is an Free Software Which is Available Free of cost at its official website and also at sourceforge.com  . To download this Software  Fo...
3 comments
Read more