MLM, ponzi schemes under strict vigil of EOW
Moneylife Digital Team 05 January 2012

The EOW of Mumbai police is keeping a strict vigil on several sites that promote and help in communication for several MLM and ponzi schemes

The Economic Offences Wing (EOW) of Mumbai Police has geared up its vigilance on several multi level marketing (MLM) companies and syndicates that are operating from the city. Apart from investigating schemes like Speak Asia, which have already duped investors, EOW is also tracking the websites and blogs publishing information about many other MLMs.
 
According to the sources, EOW is carefully assessing various schemes which are promising easy and high income. 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.

“Many officers from our department are attending such (MLM) seminars, posing as investors. This is a part of the preventive action, so that at least part of the money could be tracked if the scheme collapses and there will be leads in the investigation,” said a Police official who does not want to be named.

EOW is also keeping a track of several websites and blogs used by MLM agents and operators for spreading information and luring more people into their net. For instance, an officer explained, a MLM review site, behindmlm.com, first revealed that Speak Asia has restarted its business in Brazil under a different name. EOW learned about it after the website contacted the investigating agency. “EOW is keenly watching all such websites,” the sources said.
 
Behind MLM revealed that Speak Asia resurfaced in Brazil under the new name ‘Mister Colibri’, with a similar business model. Mister Colibri also names Manoj Kumar, the absconding chief executive of Speak Asia, as one of its largest investor.

Speak Asia duped around 23 lakh investors to the tune of Rs2,000 crore by promising weekly income, merely on filling online survey forms. Initially the company paid  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 EOW, Mumbai.

Subsequently the investigating agency arrested Speak Asia’a chief operating officer (COO), Tarak Bajpai and along with few other employees. Later, on 30th September, EOW arrested Speak Asia’s financial consultant Sanjeev Dandona and Nayan Khandor, a Mumbai-based Web designer responsible for designing e-surveys. It was revealed that the survey, which the company used to send to its panellist were designed in Mumbai itself and not in Singapore as claimed by Speak Asia.

Later, Mr Bajpai, was granted bail on a cash surety of Rs3 lakh and was asked to furnish personal sureties within eight weeks. He was also asked to present before the investigating officer every week.
 
However, an officer close to investigation says, Mr Bajpai failed to full fill any of the conditions and now EOW has moved to Mumbai Session Court to cancel his bail.

Recently Moneylife reported that all the material such as computers, laptops, CDs, hard disks, seized during the arrest of the various officials and associates of Speak Asia, has been sent to the forensic laboratory for a scientific analysis.

Comments
Len Clements
1 decade ago
There are legal, legitimate MLM companies and there are illegal pyramid and ponzi schemes. I don't understand why the media in India continuously use the terms interchangeably, as if they are synonymous.

Many illegal schemes try to disguise themselves as legal, legitimate MLM operations because they want to appear legal and legitimate. By blurring the lines between the two you are helping them in their deception.

Len
Reni
Replied to Len Clements comment 1 decade ago
Dear Len,

Could you please name some of the "legal" MLM companies?

Sudhakar
1 decade ago
Feel ashmed that money life is now zero and suddenly behindmlm is shows as hero.

Behindmlm and moneylife is runned by one same team of mosquitos. Who always disturb and bite human beings for blood and suck our blood to live their life.

Though my blood is given by my organs like speakasia.

Soon you mosquitos will be f**** and Pissed off.
Sudhakar
Replied to Sudhakar comment 1 decade ago
said a Police official who does not want to be named.
-------- Why always a unnamed police offical wants to give you a info. Do moneylife pay bribe to get some informations from the police official.

Or there is some healthy underground link between the authors of moneylife and many police officials. hmmm we have to take it seriously.
Pankaj Mishra
1 decade ago


At this point of tough time all Speak Asians not to pay attention to any unauthentic information. One fact is that which we have come to know through our various sources that the mediation meeting is completed and the hearing is listed in Hon’ble Supreme Court of dated 9th of Jan 2012 on the outcome of the mediation process is going to start very soon.

There are several courts hearing going on simultaneously in SpeakAsia matter both criminal and civil in nature, but the one on which the immediate distribution of money to the panellists and the future of Speak Asia business is dependent in the Solomen James matter (writ petition, civil 383/2011) under the mediation of Hon’ble Mr. Lahoti. One clear cut instruction to the concerned govt. dept. by the Hon’ble Supreme Court, obviously after getting satisfied about the business model and its lawful execution by SpeakAsia, and we will see our Reward Points (RPs) getting reflected in our bank accounts very soon.
ashik
1 decade ago
why u guys always post some old news.. stupid guys... if thy wont give money we r gona ask u to pay us. be ready..
Vikas Gupta
1 decade ago
I request Mumbai police to look into MLM Nexus of INSTANT FOREX Also.
Haseeb
1 decade ago
ooh what a wonder article..... How you investigating Money life digital team.
why Money life don't give any supremecourt hearing details of spekaasia case....
money life don't want to reveal the truth.... they just want to give news what EOW and Behind MLM says...
.... Don't think that EOW and Behind MLM is above supreme court... we don't belive any statement of EOW ... they just want to Block speakasia.... nothing else they don' t want to hear from people...
Real fraud is not speakasia... that is moneylife and Behind MLM...
because they misleading people by giving false information... if you want to see real news against speakasia visit http://www.speakasiatoday.com site ....
we all people support speakasia....
now EOW and medias are the real problem makers for us....
We are bound to win, We will defenitely win..
"Proud to be speakasian"
Vicky Tiwari
Replied to Haseeb comment 1 decade ago
Thanks a lot Haseeb for giving us right direction. Yeah, as you said Money life foundation & behindmlm dot com has never updated us Hon’ble Supreme Court matter (Writ petition 383/2011) there is bundle of order issued & proceedings is going on... 9th of Jan 2012 is the next listing date, hope we will get some relief from Hon'ble Supreme Court soon. The Media, NGO, blog will decide/help us to get back our hard earn money which is trapped at SpeakAsia. The company want to pay us & fighting for justice in various courts. Expected, we will get the judgement soon from apex court.
As many others blogs are regularly updating us:
http://speakasiaonline.mobi/
http://www.bizbasket.net/
https://www.facebook.com/groups/power.of...
Vicky Tiwari
Replied to Vicky Tiwari comment 1 decade ago
** The Media, NGO, blog will not decide/help us to get back our hard earn money which is trapped at SpeakAsia.
killfraudsters
Replied to Haseeb comment 1 decade ago
hey chup kar , u can fool some people sometime but not everyone all the time..so ur time is up .. now rot in hell speakasians ..
Kill killfraudsters
Replied to killfraudsters comment 1 decade ago
Shut up punk.....You are such a retard...Speakasians won't rot in hell....The ppl behind the downfall of Speakasia will definitely rottt in hell.....Why don't you back your words with proper evidences if you have so much hatred against Speakasia? Neither Moneylife nor just an another naive hater like you can ever furnish anything against speakasia...Your negative opinion about SAOL is futile n valueless just like Moneylife itself...!!! ROFLMAO
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