Andhra Pradesh police arrests two agents of Speak Asia
Moneylife Digital Team 28 June 2011

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.

Moneylife has reported on how the Kerala state government is coming down heavily on "get-rich-quick" schemes, mushrooming across the state. The crime branch of the Kerala police had arrested promoters of two such schemes, Tycoon Empire International and Bizarre group of companies. (Read: "Kerala gets tough with money swindlers and MLM companies".)

One of our readers has informed that 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.


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Comments
Kishore N
1 decade ago



NANO EXCEL MLM FRAUD



ACTION COUNCIL WEBSITE

http://www.nanoexcelactioncouncil.net/





.
Kishore N
1 decade ago
POLICE CUSTODY FOR PATRICK THOMAS, DIRECTOR, NANO EXCEL CORPORATIN LIMITED, A FRAUD MLM COMPANY.


Patrick thomas has been sent to Polic custody by Wadakkanchery (Thrissur, Kerala) Judicial magistrate till July 21st. the accused was earlier in the custody of (Bangalore) Karnataka Police.
Aslam
1 decade ago
Aslam
1 decade ago
govindan
1 decade ago
MLM - UN-ISLAMIC?

‘KHATEEB’ EXPELLED FROM MOSQUE:-

Marikkar Musliyar, the 'Khateeb' of Palappetty Juma Masjid (Near Perumbadappu) in Malappuram District of Kerala was expelled from his job. He was one of the promoters of Bizarre, a fraud MLM, which defrauded many people all over Kerala. The committee that expelled Marikkar Musliyar said that he made many people join the chain business which is un-Islamic.

Amit
Replied to govindan comment 1 decade ago
How does this related to Speak Asia?
Aslam
Replied to Amit comment 1 decade ago

This shows the end of MLM chain business. Speak Asia is a MLM company.
Sunder K
1 decade ago
Ponytail's strategy is a regular trick. SpeakAsia has sent Moneylife a legal notice (and some TV channels). we'll fight but its irritating

Twitted by Sucheta Dala on 22nd Jine
Kishore N
1 decade ago
MLM - FRAUD

http://www.klinkindia.in/

Money chain cheating in Medical Field - Asianet News Exclusive

http://www.youtube.com/watch?v=HqS2pHeG4...
sreedhar
Replied to Kishore N comment 1 decade ago
K-LINK head office is in INDONESIA.

I asked many people. Why most of the fraud MLM companies are headquartered in South East Asia. Majority are them are in Malaysia and Singapore.

Can you explain - why?
kishore N
Replied to sreedhar comment 1 decade ago
I do not know why. Only a financial expert or the police or an investigative journalist can throw light on this aspect.

Prabal
1 decade ago
My comments below should not be construed as a support for MLM companies. But when several ministers collude together to make MLC (Multi Level Corruption) then no state police comes and bans their public meetings. If a some unemployed person does multi level marketing and takes some money back home it immediately becomes illegal. If a minister was involved then only it is legal. Pathetic country we live in.
Salute to Moneylife, it finds wrong in everything. Ms Dalal please step out of your air-conditioned chamber and walk in the street you will understand how tough it is to get an income and food. People dont earn in a month the you spend in pedicure and manicure in the weekends.
Take care
Best regards
kris
Replied to Prabal comment 1 decade ago
All MLM fraudsters attack politicians. This hollow statement are made only to deceive people. There is no difference between a corrupt politician and an MLM man.
Prabal
Replied to kris comment 1 decade ago
Why should a MLM man attack politicians? The MLM man does not defrauad the country. The politicians defarud the country.
kris
Replied to Prabal comment 1 decade ago
According to media reports the Kerala's MLM scam of 1000 crores is only tip of the iceberg. Many many innocents people were defrauded by MLM Criminals all over India.
kris
Replied to kris comment 1 decade ago
MLM - H Y P O C R I S Y

You have commented that "My comments below should not be construed as a support for MLM companies. ". But now the cat is out of the bag.

kishore N
Replied to kris comment 1 decade ago
I was quite amused to see that a Kerala based fraud company's (PENTA WORLD INDIA) advertisement displays "SATHYAMEVA JAYATHE" ! ! The above company is now closed and sealed by the Police.

If you can read Malayalam please see:

http://www.pentaworldindia.biz/media_big...
Kishore N
1 decade ago
Take Action against MLM companies - HIGH COURT OF KERALA



According to various media reports a division bench of Hon. Kerala High Court directed the Police to take action against money-chain MLM companies even if there is no complaint.
SK AKRAM
1 decade ago
speak asia is true company i proud 2 be speak asia
HARISHBJ
1 decade ago
DEAR SPEAK ASIANS
SPEAK ASIA COMPANY VERY GOOD COMPANY IF SPEAK ASIA CHEETING ANY PERSONS PLEASE SHOW ME THE DETAILS LAST TIME ONE PERSON MR.KIRIT SOMAIAH ALSO OPPOSED SPEAK ASIA NOW HE ALSO STOPED IF HE GENUINE PERSON GO FOR COURT HE HAS NOT DONE ANY THING THEY ARE LIKE SCOPE PERSONS
Amit
1 decade ago
I could not find what allegations are made on so called Speak Asia Franchise who were arrested.....will anyone tell me?

Before involving the name of Speak Asia, firstly, one should verify from the company officials whether arrested persons are Speak Asia Franchise or not........secondly, if the arrested persons are Speak Asia Franchise & if they have done something wrong, then Speak Asia should seperate itself from such fraudulent persons...
kris
Replied to Amit comment 1 decade ago
please contact Andhra police and verify whether the arrested persons are from Speak Asia. You may also obtain a copy of FIR from the Police station.
Amit
Replied to kris comment 1 decade ago
If this news is correct then why Start News & other media is quiet?????

If you are in AP then pls do me a favor by contacting police & arranging FIR copies...
kris
Replied to Amit comment 1 decade ago
Why are you so scared to enter into AP?
Amit
Replied to kris comment 1 decade ago
You tell about yourself........how can one give fake comments about others?

It seems you are another version of Star News..
Sunder K
1 decade ago
this is old news. It was found that those people were not franchisee of SAOL but had opened an office and selling pins to the people.
HARISH
Replied to Sunder K comment 1 decade ago
dear suder please confirm those arrested persons are speak asia franchise holder or only speak asians and what they have done wrong please inform me sir
kris
Replied to Sunder K comment 1 decade ago
poor Andhra Police they didn't know that !!! ha ha ha ha ha ha ha ha
ha ha
Kishore N
1 decade ago
VERIZON - MLM FRAUD:

http://www.verizonbuilders.com/

PROMOTER'S BAIL CANCELLED BY DISTRICT COURT

KERALA HIGH COURT VIGILANCE HAS ALREADY INITIATED A PROBE

(The Magistrate court granted the promoters bail immediately when they produced before him. This has created a controversy.

The Aluva (alwaye) Police received many complaints against Verizon MLM from investors.
Kishore N
1 decade ago
PROPERTY OF MLM LEADERS
FROZEN:

Malayala manorama News report:

Kerala: Thrissur (East) Police issued NOTICE to Registration offices and BANKS to freeze transactions of properties and bank accounts of MLM leaders of NANO EXCEL
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