PMO asks for investigation and action against Speak Asia
Moneylife Digital Team 29 June 2011

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. (http://foundation.moneylife.in/promotion/speakasia/index.html)

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.

govindan
1 decade ago
THE PRIZE CHITS AND MONEY CIRCULATION SCHEMES (BANNING) ACT, 1978 (ACT NO. 43 OF 1978)

AN ACT TO BAN THE PROMOTION OR CONDUCT OF PRIZE CHITS AND MONEYCIRCULATION [12th
December, 1978.]

http://www.mp.gov.in/difmp/Prize_Chits_M...
Kris
1 decade ago

Speak Asia Phase 2 launching soon. Ha ha ha ha ha ha ha ha ha ha.

It is no "phase 2". It is "face 2"

Ha ha ha ha ha ha ha ha ha ha ha ha ha ha.........................................
kamal
Replied to Kris comment 1 decade ago
Dear Kris ,
Please change your mindset , You are not the complete man like raymonds models . you are not better then others if you know "one correct word" .
I hope you will behave like a mature one . one more thing I will request "Please spare some time to understand the concept of SOAL" this will change your life.
Regards

nandu
1 decade ago
Dear Speakasians...

speakasia phase 2 is lounching soon..so don't be panic.ignore all negetive comments about our company..
JAB HATHI CHALE BAZAAR TO KUTTEY BHOUNKE HAZAAR....FEEL PROUD TO BE A SPEAKASIAN....GUD LUCK..:)
Omprakash
Replied to nandu comment 1 decade ago
Nandu I completely agree with you, and it is just a matter of few more days.
All these असम्प्रप्ता आत्माओ will shut their mouth. Yes that time is not far away. So say and write whatever you all wish to because you will not get time later.
nandu
Replied to Omprakash comment 1 decade ago
jab koi aapki aalochana kare..kuttey ki tarha peeche hi pad jaye..to samaj lena tum kamyaab ho rahe ho...us kamyabi ka koi matlab nahi jahan aalochak na ho..guys...hum jeet rahe hain...hum kamyaab hain...tabhi humari aalochana ho rahi hai..so take it possitively....ye bhi socho ye log speakasia k peeche hi hyon pade hain..ramsurvey k peeche kyon nahi pad rahe...means hum jyada kamyaab hain..cheerrrrrssss..
rock
1 decade ago
acording to ZEE BUISNESS speakasia is going to relaunch

new management takeplace soon

website will start from 10thof july
...
new website with capacity of 4 lakhs online member at a time.

PROUD TO BE A SPEAKASIAN
Kris
1 decade ago
BAN SPEAK ASIA

MLM FRAUDSTERS ARE MISUSING NAMES OF ANTI-MONEYCHAIN CRUSADERS.

BAN SPEAK ASIA
WHKHAN
1 decade ago
Sorry Everyone. I quit Speak Asia. now i reealize that it is a fraud Company. I fully agree with you zess
rakesh
Replied to WHKHAN comment 1 decade ago
kutte ki tarah laut mat ana!
zess
1 decade ago
ALL THE DESPERATE SOUL(SAOL),

2day u all are trying to protect SAOL by any means coz reality is pinching ur ego. 2mrw you may be the first person to throw a shoe at promoters of the SAOL.You will never get back your money in life.Instead of posting bullshit,why don't you ppl try to recover ur hard earn money? pity on u ppl......huh !
WHKHAN
Replied to zess comment 1 decade ago
DEAR ZESS,

HAVE U EVER DONE ANY MLM ?
HAVE YOU EVER GONE THROUGH ANY MLM TRAINING ?
PLZ ATTEND SOME TRAINING,READ BOOKS AND START THINKING POSITIVE.
NEVER SPEAK IF YOU ARE NOT AWARE.
NO MONEY IS BLOCKED IN SAOL.
WHO HAS TOLD U THAT WE ARE TRYING TO RECOVER OUR MONEY ?
UNNECESSARILY U ARE WORRIED FOR OTHERS.
KISI KA PAISA NAHI PHANSA HAI BHAIYA JI.
100% SPEAK ASIANS NE ENJOY KIYA HAI, AUR 100% SPEAK ASIANS ENJOY KARENGEY.
JINHEY FAITH NAHI HAI UNKEY LIYE YE BUSINESS NAHI HAI.
REFUND POLICY ARAHI HAI. PAISA LO AUR NIKAL LO.
JUST WAIT.
ITNI JALDI BHI KYA HAI?
Kishore N
Replied to WHKHAN comment 1 decade ago
All the people who underwent great MLM training have lost money in Kerala. That is why Kerala Police banned MLM meeting. One of the readers challenged you to conduct a meeting in Kerala. I also request you (Speak Asia) to conduct an MLM training class in Kerala without delay.
kamal
Replied to zess comment 1 decade ago
Dear Zess, Again the same Q. Could you Please find a single person who has loose his money ??
not even a single complaint is register against SOAL.
I am sure that You are not an speakasian , try to understand the concept , spare some of your time get the real information, I am sure you will be will speak asia . Please Do not pass any comment without any knowledge .
Kamal
1 decade ago
I am still not able to understand that Why the some people are against the SAOL , No one has come out with complaint of money loss. Channel like star and some others are barking for there TRP . Please let me know the name of single panalist who understands the concept, is against the SAOL ??

NO froud and Nothing is wrong , please stop passing the negative comments against the right Company and concept
WHKHAN
Replied to Kamal comment 1 decade ago
BROTHER, SAB TRP KA KHEL HAI. CHHOTE MANJHOLEY AUR OCHCHE LOG SPEAK ASIA SE JAL RAHEY HAIN, KYUKI UNKI DUKAAN BAND HO GAI HAI. W.H.KHAN
Omprakash
Replied to Kamal comment 1 decade ago
Kamal,

See all those who are barking do not know what is the concept of SAOL. These people are simply jumping into a running bus without knowing where they want to go. I think we, Speak Asians should now learn to ignore these headless chickens.

I am using this word just because, I did not see any one who has shown real concern about the cause. All of them are belong to unsatisfied group, who do not wish see others flourishing.

Having said that, we will continue to be united in supporting SAOL.

That's it.
Kishore N
1 decade ago
PROUD TO BE A SPEAKASIAN..recently i have been joined speakasia..it rockssss.plz join under me..i will give u a strong power leg..JAI BHARAT JAI SPEAKASIA..
kishore N
Replied to Kishore N comment 1 decade ago
This is fraud. Please delete this comment. Fraudsters are misusing my name.

This is the real face of Speak Asia.
zess
Replied to Kishore N comment 1 decade ago
Another BURBAK !!!
Kris
1 decade ago
speakasia rocks....proud to be a speakasian...speakasia ka koi kuch nahi ukhad sakta..RMP..DEWSOFT,SOSS,TVI,EBIEZ,OZONE NETWORK all sucks,, but SPEAKASIA is a genuine company..so guys plz join SPEAKASIA..if u earn more n more income n secure ur future...
kris
Replied to Kris comment 1 decade ago
speak Asians are typical MLM fraudsters. They will go to any extent. They are misusing Anti-Moneychain crusaders name.

I am determined and I wil continue my fight against MLM fraudsters.

BAN SPEAK ASIA
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.

zess
1 decade ago
There are three types of people who invest money in a Ponzi Company like Speak Asia.

1. Illiterate person convince or lure by others.

2.Literate but not properly educate himself/herself.Think I am the only person in this world who knew everything.

3. Very brainy person who want to make big bucks before the company shut down its door.they know the modus -operandi of such company.even though, by taking a risk they invest their money.

I ask you speakasian- Don't you ashamed of yourself when you interact with down-line panelist, who's hard earn money is lost forever due to ignorance of you?






Kishor N
Replied to zess comment 1 decade ago
Or kuch tere jaise fattu bhi hote hain jo speakasia join nahi ker paaye or ab apne dosto ko kamata dekh k apni bhadas is 3rd class blog p utar raha hai..:)
WHKHAN
Replied to Kishor N comment 1 decade ago
I fully agree with you Zess speak asia is fraud company. Now only I realized. I lost money.
ABDUL
Replied to zess comment 1 decade ago
Dear Zess,
these dumb investors dont want to here anything against speak asia. i know finally they are digging a grave for themselves. i am a share broker from hyderabad, and u will not believe people who were trading with me for several years and was earning good between 20-40% annually closed their accounts and jumped into speak asia. when i inquired they said YOU WERE FOOLING US ALL THESE DAYS BY JUST GIVING MARGINAL PROFITS, WHILE WE CAN EARN 40% PER MONTH, THE SAME AMOUNT THAT WE CAN EARN THROUGH YOU IN WHOLE ONE YEAR. i was stunned by there reply and promised myself while filling there account closing form, that i will never allow them to open a trading account through my broker. im waiting for news to arrive that speak asia is down, so that i can call up these dumb investors and ask them about their health!
zess
Replied to ABDUL comment 1 decade ago
@ADUL , they are in a very depressed state after losing their hard earn money in an easy earn scheme.Now in hibernation mode,can't hear ur voice.talk to them when they gain conscious.
Omprakash
Replied to ABDUL comment 1 decade ago
Hello the GREAT broker,

By calling Speak Asians DUMBS and expressing your desirousness to know about Speak Asia is down, you have proved what kind of ridiculous DUMB human being you are!

It is our culture that when one is going through tough time, he prays god even his enemy should not experience such bad things. But what you have expressed is totally opposite. Again you are saying you will never allow them to open trading account through your broker. Do you think you are the only one in India? How ridiculousness you are exhibiting? Don’t you feel shame? OR you don’t have it at all?

I personally as an HNI know very well how your broker community and so called Technical & Fundamental Experts is work, and how your community loots the public at large. So don't try to show your smartness over here, moreover no Speak Asian has sought your advice. We all Speak Asians have invested our hard earned money and we know very well how to safeguard it.

Furthermore, as an HNI, I am giving an open challenge to your brokers and so called experts community. If you have little amount of humanity and respect for your profession, just don’t look for filing your bloody stomach. Remember! You collect fees for getting them profits and if you show your expertise and get desired results, your customer will be more than happy to pay you more fees as well as some more clients.

As professionals, we must respect our professional ethics and principles barking on forum just because your customers closed accounts would not help you in anyway. If you think you have that guts to get them profit, you should worry about closure of accounts.

Hope you understand and try to live and work as an HUMAN.
WHKHAN
Replied to zess comment 1 decade ago
MR. ZESS/ MR. LITERATE, KINDLY DONT WRITE SUCH THINGS. MAY BE U ARE SICK. YOU MAY VISIT A DOCTOR. WE SPEAK ASIAN NEVER ASK ANYONE TO JOIN UNDER US,AS WE DONT REALLY NEED DOWN LINE. WE EARN FOR OUR OPINIONS. BUT YOU CANT UNDERSTAND W.H.KHAN
Omprakash
Replied to zess comment 1 decade ago
Hey Zess,

You are another illiterate person who who has jumped into a bus without knowing where he want to go!

I, as a Speak Asian can confirm you and those who are under this kind wrong perception that, we have to go to downline. FOR you kind information I personally have never asked anyone to join under my sponsorship or otherwise. Because I know it doesn't suit to my attitude.

But it does mean that, those who came trusting me and requesting me to sponsor them with my ID, I did not say no.

For your kind information when one joins as member,

a) He is not must for him to expand his down line. As his survey income is sufficient for him to earn decent income.

b) However, expanding down line is just an choice available if one wishes to explore and help others and himself.

So before jumping to running but, try to understand what it is and then talk about it. As far as what Moneylife & few others are doing is nothing but gaining publicity. Nothing else.

If Speak Asia has cheated any member, why no one has complained?

Hope now onwards whoever wants to comment, will first try and understand about the company and then talk about it.
zess
Replied to Omprakash comment 1 decade ago
Omprakash

I simply say...try to recover ur invested money.No nid to explain the concepts of SAOL to us.You ppl recruit the innocent ppl by magic of ur honey tongue.Came here, I will show you how their condition now after the payment stop.Do some social work by teach poor ppl not to invest on such type of fraud company.
S K Mukherjee
1 decade ago
If such type of investigation happens from Government of INDIA, then I thing Speak Asia is already prepared for that.
Speak Asia is already hired Law firm to protect company against such type of en-query as every other company do. They are doing every activity as per the Legal Advisors advice, to avoid any controversy and face any investigation; In future they will do the same process as other big group of companies do. So it will be a normal process. Speak Asia is already enter into 2nd phase of “Precession Mass marketing” business module with tagline consumer empowerment. Before registering here they are entering into E-commerce. Before Entering E-commerce, they are doing massive conferencing with their panellist to explain their Business model. It means Company is doing its every activity with concrete plan keeping in mind with legalities and they are already prepared for every incoming aspect.

Once again my Kudos to Speak Asia Online and Speak Asia’s management team for doing such marvellous work for, "We the members of Speak Asia".

Long live SAOL and I wish success to them.
Kris
1 decade ago
.....................the dubious MLM companies are ensnaring gullible people with promises of huge returns. Take for example, Speak Asia, the online survey company has claimed to have 19 lakh panellists enrolled into its schemes.


read:

http://www.moneylife.in/article/blue-chi...
SAFWAN
Replied to Kris comment 1 decade ago
Mr. Kris..

If you here anything you will believe that.. and will decide only the news came in news paper is true....
try to understand facts...
You are a fatherfool to belive what others tell..
sorry... I don't have time to waste...

Proud to be speakasian

safwan kerala
S K Mukherjee
Replied to SAFWAN comment 1 decade ago
Thanks for your valuable comments!! Yes it is true almost 70% of all media & newspaper are only a business and looking for high TRP and site ratings for Ads. If they will brings attractive news then they will get a solid income from Ads.

Regards
S. K. Mukherjee
kris
Replied to SAFWAN comment 1 decade ago
what? safwan "kerala". ha ha ha . where are you now? fled from kerala?
safwan
Replied to kris comment 1 decade ago
I am an indian native place in kerala...
I love my country and where I live... like all love their mother..
I feel so bad for your rubbish comment...
Amit
Replied to safwan comment 1 decade ago
Safwa......you are right......there is always an opposition for new things....& initially new people also link it with negativity.
safwan
1 decade ago
speakasia is a genuine... we don't have any doubt..
some other money laundry companies ran away... while some issues come.. against..
but speakasia fights back with more power with legal facts...
speakasia inviting any authorities to investigate about the company..
we all support speakasia...
nobody can't destroy truth...
some rubbish, bullshit medias like starnews plays dirty game... against speakasia..
we all support speakasia
kris
Replied to safwan comment 1 decade ago
Fraud Asians favorite word - "bull shit".
Amit
Replied to kris comment 1 decade ago
Kriss...if you paid the fee (Rs.11000.00) to Speak Asia, soon you are give Exit Option, & you will get your money back to your bank account.

Requesting you to stop writing baseless & bull shit comments...
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