PMO asks for investigation and action against Speak Asia

The RBI and the ministries have already stepped up their investigations against the MLM company 


It seems that pressure is mounting on the government to tighten the noose around the dubious multi-level marketing (MLM) company Speak Asia online Pte Ltd. The Reserve Bank of India (RBI) and the Income-Tax (I-T) department have already initiated investigation against Speak Asia and bank accounts of the company's franchisees have been frozen. 


Sources have confirmed that the Reserve Bank of India (RBI) is investigating the operations of the online survey company, which was promising Rs500 a week for just filing online surveys. The investigation would mainly look into financial irregularities, money collection and remittances abroad. Meanwhile, other pyramid schemes are also making headlines with regularity. 


Recently, the Prime Minister's Office (PMO) forwarded the complaints filed by Kirit Somaiya, former member of parliament (MP) and national secretary of the Bhartiya Janata Party (BJP) along with the complaints of party MPs Prakash Javdekar and Hansraj Ahir, to the home secretary, finance secretary and ministry of corporate affairs (MCA). In a release, Mr Somaiya said the MCA and the Securities and Exchange Board of India (SEBI) have intimated him that they have started an inquiry and investigation into the functioning of Speak Asia. 


Moneylife and its affiliate Moneylife Foundation, a not-for-profit organisation which promotes financial literacy, had sent a representation, dated 17 May 2011, to the prime minister, urging him to completely ban MLM companies in India or to bring them under the regulation of either the RBI or SEBI. We also requested urgent intervention to investigate Speak Asia for the ambiguities prevailing over its business model and source of funding. 


Moneylife columnist Veeresh Malik also filed a Right to Information (RTI) query on 14th June with the PMO, seeking to know the action taken on the representation sent by Moneylife. 


The ministry of corporate affairs had earlier said that it would not take any action against the survey company. "Speak Asia is not registered in India so we cannot initiate any investigation against it. MCA does not have any database of the company," corporate affairs secretary DK Mittal had told media persons. 


Experts point out that since the PMO has also forwarded the complaints to the ministry of corporate affairs, it remains to be seen what action the ministry will take, as they had earlier shown their inability to initiate any investigation.

Andhra Pradesh police arrests two agents of Speak Asia

Acting on a complaint filed by an NGO, the AP police have also frozen bank accounts of two franchisees of Speak Asia operating in the state and seized laptops, desktop computers, bank pass books and other material related to their MLM activities 


The Criminal Investigation Department (CID) of the Andhra Pradesh police has arrested two persons running a franchisee of Speak Asia online Pte Ltd and frozen their bank accounts. Vijaywada-based Corporate Fraud Watch Society, a non-government organisation (NGO) had filed a complaint against the company, its promoters, directors, secretaries, representatives, employees and distributors. 


In a statement, Dr Mahender Kumar Rathod, superintendent of police, economic offences wing, CID, Andhra Pradesh, said, "The CID once again appeals to the general public not to believe the deceitful promises given by this type of companies. It is pertinent to say that the amount of Rs3 lakh deposited by the franchise in AP have been frozen by the Reserve Bank of India since the company has no authorisation/registration under the Companies Act." 


Syama Sundar, secretary of the Corporate Frauds Watch Society had filed the complaint, following which the police, arrested Devireddy (D) Srinivas Reddy and Lanka Venkata Ayyappa (LVA) Swamy on Sunday. Both were operating franchises of Speak Asia in the state. The police also froze their bank accounts and seized their laptops, desktop computers, bank pass books and other material pertaining to MLM activities. The additional chief metropolitan magistrate, Vijaywada, has sent both, Mr Reddy and Mr Swamy to judicial custody.


D Srinivas Reddy was working as a chartered accountant in a private company before joining and becoming a franchise of Speak Asia, about five months back. He had confessed to enrolled three panellists and the police are further analysing his laptop. LVA Swamy is a computer technician. He joined and become franchisee of Speak Asia along with Mr Reddy. However, he was using Mr Reddy's office and facilities for all his transactions with the company, the police said. 


On 25th June, the Vijaywada unit of the CID conducted a surprise check under the supervision of deputy superintendent, YV Ramana Kumar, on the residence of Mr Reddy and Mr Swamy. 


The Andhra Pradesh police had registered a case under Section 420 (cheating) of the Indian Penal Code (IPC) and Sections 4, 5 and 6, read with Section 2(c), 3 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. 


In Andhra Pradesh alone, around 30,000 persons were enrolled with Speak Asia. The company has no registration in India under the Companies Act 1956. Likewise, Speak Asia has been running the money circulation business illegally without any authorisation from the competent authority in India. "This is a bogus company having 150-170 franchises in India, among them the two above mentioned persons are from AP," the police statement said. 


As part of its ongoing operation to curb dubious MLM schemes, the Kerala police banned the meeting of Amway, a popular MLM company. According to the reports, about 300 distributors of Amway had gathered at a hotel in Thrissur. However, the police declined to give them any permission for a meeting. The Kerala director general of police has also cautioned people against the illegal network marketing.

Shocker for Speak Asia investors, company backtracks from luring scheme

Source: Bhaskar News   |   Last Updated 00:57(27/06/11)

Raipur: The Speak Asia, Asia’s largest community of sovereign consumers, has washed its hand from the scheme that promised return of Rs 4000 a month and share of profit on an investment of Rs 11000.

Giving a shock to the number of investors, CEO of Speak Asia Tarak Vajpayee on Sunday told that the company had never launched any such scheme.   

Talking the investors, Vajpayee said that the company is just involved in online business. “Those who give business will get return,” said Vajpayee.

"We do not say or believe that anyone can pay us Rs 11,000 and earn X amount of rupees. That is not our promise."

After media investigation into the false claims made by the firm, Vajpayee had earlier apologised for misleading subscribers.

For over a year now, the company has been collecting large sums of money, rapidly luring and enrolling lakhs of people all the time, assuring them of phenomenal returns, while all that they had to do was simply fill out some online surveys.

But suddenly Speak Asia is backtracking on all its get rich quick claims.

The latest development is bad news for over 19 lakhs people who have signed up and paid money to Speak Asia in the hope that it would multiply.

The police have already begun tightening the noose on the agents of Speak Asia, which has till now accumulated more than Rs 100 crore from people in Raipur and other cities in the state.

SOURCE:- http://daily.bhaskar.com/article/MP-RAI-shocker-for-speak-asia-investors-company-backtracks-from-luring-scheme-2221286.html

Speak Asia Brand Name YUG

Speak Asia Online Pte. ltd will Launch GERMAN technology base 

ELECTRONIC products with the brand name YUG.

Basically In India Company has 20 Lakh Panelist ( 18 June 2011) to whom company is sending surveys for Rs. 500 Each  or in Reward Points ( 1 Reward Point= 50 Rupees ) also Known as RP.

In This Consumer product service company will sell products which are with SAMSUNG & LG like LCD TV , LED and all house hold Appliances . SAOL Company offering price will be less as compare to other companies in the market . People can see the products in starting stage from inside the Speak Asia New Website ( which Launched Date is not Final but Approx date is 23rd June 2011) then any Speak Asia Website Member or Known as Speak Asia Panelist  can purchase the Products he/she can also use its reward points to purchase the Items . By This SAOL company will also earn a huge amount of money as company will get a direct order from approx  50% panelist . 

By Referring this products to the your neighbor or your friends like the product they can buy through SPEAK ASIANS  and what a DEALER earns the similar kind of profit every SPEAK ASIANS earn.

SAOL Company will Also take a Survey of their Products by their panelist by giving the option of filling Speak Asia Survey they can choose the Option of NO and company will ask some questions about YUG Products .

Till November 2011 according to SAOL  Plans every city will have Warehouse and Service Center,
for their YUG products and People can Check the products by Show Case by Senior Panelist Place.

Yug Speak Asia 

YUG is the Brand Name come in Notice First time GENX Bazar in Goa .

ED to probe financial set up of Speak Asia

The Enforcement Directorate (ED) would begin a probe into the financial set up of Singapore-based online survey company Speak Asia.

The development comes about a month after Headlines Todayblew the lid off the controversial company. The ED would investigate the money flow of Speak Asia and how it collected crores of rupees from 19 lakh Indian investors through various entities, opened accounts in Indian banks and than transferred the money to Haren Ventures Ltd in Singapore.

Haren Ventures is the front company, owned by Speak Asia CEO Harender Kaur.

ED would track the flow of money to find out if the company was involved in money laundering.

Speak Asia was in the spotlight recently for giving more than 500 per cent return to investors violating the Reserve Bank of India (RBI) rules. It had also violated RBI norms by collecting crores of rupees from gullible investors and transacting abroad without a head office in India.

The ministry of corporate affairs had earlier said that it could not investigate Speak Asia because the company was not registered in India and the ministry did not have the company's database. Singapore-based United Overseas Bank had closed the bank accounts of Speak Asia following theHeadlines Today expose last month.


Source:- http://indiatoday.intoday.in/site/story/ed-to-probe-financial-set-up-of-speak-asia/1/142215.html