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Speak Asia fallout: All MLMs under EOW scanner for possible interlinks

According to investigation agencies, many MLMs and ponzi schemes in the country are operated by selected ‘gang’ of so called ‘leaders’, who move from one scheme to another with new name and product

The ongoing investigations into the multi-crore rupees Speak Asia scam has revealed that majority of the so-called ‘leaders’ of all multi-level marketing (MLM) and ponzi companies operate in a group or syndicate and all are well connected with each other. The Economic Offences Wing (EOW) of Mumbai Police, currently investigating the Speak Asia scam, is tracing the possible links between Speak Asia and other MLMs widely operating in the city.
 
According to a source from the EOW, apart from Speak Asia’s officials, arrested earlier and its absconding head honchos, few other names linked with several other MLMs have cropped during the investigations. A handful of people, all closely linked, are operating several MLM and ponzi schemes, as mastermind in Mumbai.

“EOW now has a clear picture about Speak Asia investigations. There is a possibility that these schemes are in touch with each other. They are called as MLM gang and EOW is examining such gangs,” said another person close with the investigation.

Echoing the same view, a senior police official from Andhra Pradesh, who is investigating various MLMs in that state, told Moneylife that, “The modus operandi of all of such schemes is the same. The only difference is the product. Some may have soaps while others may sell nutraceuticals. They are part of an organized gang. If at one place they come under police scanner, they quickly change their base and start the same business. RMP Infotec is one such company.”

Meanwhile, the agents or panellists of Speak Asia, who have not received a single penny since May last year are still trying very hard to keep their flock together. Several leaders can be found giving promises and dates to all their downlines through social media. Last heard, they were saying that 9th January would be the ‘final judgement day’ for Speak Asia and they will ‘win’. However, according to new information, the Supreme Court postponed the hearing by a week to 16th January. (No wonder, the leaders and panellists can be found saying that “16th is the ‘final’ day!”)

The EOW, Mumbai is also awaiting for a report from the forensic laboratory on the encrypted data. EOW had sent all the material such as computers, laptops, CDs, hard disks, which it had seized during the arrest of the various officials and associates of Speak Asia, to the forensic laboratory for a scientific analysis. “The data is huge. But certainly there is some vital information that is helping us in the investigation,” an official from the EOW said.
 
Recently Moneylife reported that the EOW is keeping a strict vigil on several sites that promote and help in communication for several MLM and ponzi schemes. The department is even encouraging its official to attend seminars organised by MLM and ponzi operators so that they would understand the modus operandi of these fly-by-night operators.

Speak Asia duped around 23 lakh investors to the tune of Rs2,000 crore. It promises a weekly income, merely on filling online survey forms. Initially the company paid the money to its panellists but stopped all the payments since May 2010. After complaints were lodged against the company, it came under the scrutiny of the EOW, Mumbai. Recently the Enforcement Directorate also registered a case against Speak Asia, under the Prevention of Money Laundering Act in connection with the multi crore MLM scam.

Earlier the investigating agency has arrested Speak Asia’s chief operating officer (COO), Tarak Bajpai, along with few other employees. Currently Manoj Kumar, its CEO and Harendar Kaur, a Singaporean of Indian origin and company’s chairperson are absconding.

User

COMMENTS

Caron

5 years ago

MONEYLIFE, YOU HAVE BLAMED A GENUINE INITIATIVE AND COMPANY ENOUGH. YOUR ARTICLES SCREAM OF DESPERATION TO PROVE RIGHT, WRONG. YOU'LL HAVE TROUBLED SO MANY FAMILIES.. THE COMPANY COULDNT PAY BCOZ THE BANK ACCOUNTS WERE FROZEN (ON PURPOSE) NOT BECAUSE THEY DID NOT WANT TO PAY. IT IS 'YOUR' "FINAL DAY" MONEY LIFE & SUCHETA DALAL..BITCH.. BECAUSE AS LONG AS GOD IS THERE GENUITY HAS TO WIN N PREVAIL. IT IS YOUR DISGUSTING N INGENUINE EFFORT TO PROVE SOMETHING RIGHT, WRONG. YOU WILL NOT BE SPARED BY GOD TO TROUBLE US ALL.

Caron

5 years ago

MONEYLIFE, YOU HAVE BLAMED A GENUINE INITIATIVE AND COMPANY ENOUGH. YOUR ARTICLES SCREAM OF DESPERATION TO PROVE RIGHT, WRONG. YOU'LL HAVE TROUBLED SO MANY FAMILIES. THE COMPANY COULDNT PAY BCOZ THE BANK ACCOUNTS WERE FROZEN (ON PURPOSE) NOT BECAUSE THEY DID NOT WANT TO PAY. IT IS 'YOUR' "FINAL DAY" MONEY LIFE & SUCHETA DALAL..BITCH.. BECAUSE AS LONG AS GOD IS THERE GENUITY HAS TO WIN N PREVAIL. IT IS YOUR DISGUSTING N INGENUINE EFFORT TO PROVE SOMETHING RIGHT, WRONG. YOU WILL NOT BE SPARED BY GOD TO TROUBLE US ALL.

SHADAB KHAN

5 years ago

SPEAKASIA MAAN HAANI KA CASE THO TUM PER ANAA HAI HEE HAI 200%

APNEY VENTURE KI CHINTA KEROOO
RMP JASEE IMANDAR COMPNY KO LAPET REHY HO GADHOOOO
JINKEY 75 LEADERS KEY SAATH HONBALE PRATIBHA PATIL NEY EEK DAY BITAYA JAHIL REPOTER
WAAT LAGEY GEE BAHUT JALDEE UPER WALEY KI LATI WALI KAHAWAT YAAD HAI NA MADAM DALAL

SHADAB KHAN

5 years ago

LIKETEY LIKTEY LOVE HO JAYEY

LIKTEY LIKTEY MAR JOAGEY MONEY LIFE SPEAKASIA KA KUCH NA BIGRAD PAOGEY 20LAKH LOGO KI BADUWAA LEY REHY HO AUR SHAREMARKET KI SALAHKAR HO PORRI TEAM YEH THO KHULA JUWAA HAI

Haseeb

5 years ago

.... if money life tells 200 times that speakasia is fraud... we people willnot belive that... because we know all news...
money life just misguiding all people..
but today I am happy to see one line in moneylife that... money life mentioned about 9th and 16th January supereme court hearing....
we need real news like supreme court hearing details and all...
but why money life giving only negative report against speakasia....
money life told that speakasia duped 23 lakhs people....then think how many people have given complaint against speakasia... Only 3 or 4 people from 23 lackh people given complaints against speakasia....
but
115 people have given complaints for blocking speakasia and by supporting speakasia....
and all other peoples are beliving and trusting in speakasia... thats y they did'nt give complaint.....
still company is ready to pay us....
I think only govt. agencies making delays in this case...
fuckin... 8 months past.. still their investigation not finished....
but Hon. Lahoti'ji has submitted his mediation report as per direction of Supreme Court...
we all people waiting for a consent from supreme court to continue speakasia's work in India...
there is lots of companies ran away.. when govt. enquires about them...
but speakasia still fighting to exist...
all people are supporting speakasia .. i also supporting speakasia......
.................
we will never be panic by reading this kind of misguiding news from Money life..... because we knows that you people are the real frauds..... not speakasia....
we love speakasia.... we have cheap medias like moneylife....

REPLY

Meera

In Reply to Haseeb 5 years ago

I support speakasia...
I also spent money with speakasia... I did'nt complaint against speakasia.. because I know that speakasia is not a fraud company...
but why this media like money life plan to draw a ugly face to speakasia......
8 months past without income from speakasia.. still we support speakasia... and speakasia fights for restarts operation hardly..
we all belive that supreme court will allow them to work in India... Thanks haseeb'ji for sharing ur experience....
we are are bound to win, we will definitely win

Punith

5 years ago

Just fuck off and shut ur publication

Anand

5 years ago

Fuck U all . In 9th para u wrote company duped XX investors and company stopped payment from may 2011 i would like to ask u all money life fuckers are deaf or blind ? Haven't U heard or saw the news regarding SAOL's request to RBI for payments of panelist's not investors mind u ! After the circular passed by RBI the accounts of SAOL were freezed then how will they pay ? As a panelist we can understand the whole matter then what's the problem with u all. I would like to give u one best suggestion for increasing ur TRP instead of posting such cheap news think about panelist's money and fight for that. U WILL GAIN BOTH TRP & RESPECT !!!

Thomas

5 years ago

Moneylife people are big loosers...!! It is quite apparent after reading their n number of articles against Speakasia that they are being funded by some notorious n corrupt people who are releasing their personal grudges against SAOL & its business model.

anshul

5 years ago

lagta hai dukan dari nahi chal rahi hai, jo speak asia ki hi khabre chape ja rahe ho, ye b sahi hai kahi se to TRP gain kiya jai chahe wo galat ho ya sahi, apne aap se pucho kali bath k gyan batne se kuch nh hota, agar itna hi karna hai to company k pannelists ko kaise paise mile uspe agar kar sako to karo ye ochi harkate karna band karo, stick to ur basics. thats all i have to say.

Anil

5 years ago

Dear Admin, This news is posted from past news. Arrest of Tarak Bajpai and others is done already some month ago. But you are posted it today and posting again and again.... I want to ask what you are trying to say. Company is fighting in Supreme Court and you my dear is misguiding and misleading peoples. So Please be with truth not with false. Take care

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