Speak Asia advisor finally confesses the company was running a Ponzi scheme
Moneylife Digital Team 05 October 2011

Speak Asia’s financial advisor and the man behind the money transfer from India has confessed that the company’s ‘business plan’ was nothing but a Ponzi scheme, which works with continuous enrolling of investors and replaces them as they suffer losses and quit the scheme

Speak Asia's troubles seem to be not ending with the recent confession of its financial consultant Sanjeev Dandona to the Economic Offences Wing (EOW), that the company was indeed running a Ponzi scheme. Earlier in 2002, Mr Dandona (along with seven other people) was charge-sheeted by the Central Bureau of Investigation (CBI) for allegedly issuing forged permits to new auto-rickshaws in New Delhi. But more about that later.

"He (Mr Dandona) has confessed that the company was running a Ponzi scheme," an official close with the investigation of Speak Asia, which had duped people on the pretext of promising income for merely filling e-surveys, told Moneylife.

Mr Dandona was arrested by the EOW on 29th September, after it was learnt that he was the proxy owner of Kritanj Management & Allied Services and is linked with Speak Asia. Kritanj Management is the master distributor of Singapore-based Haren Ventures Pte Ltd (HVP) for e-zines in India. Mr Dandona is also alleged to be advising HVP and Tulsient Tech Pvt Ltd and also transferring funds collected by Speak Asia agents to Singapore.

Just the day after the arrest of Mr Dandona, it was revealed that the online surveys, which Speak Asia used to claim (and its agents used to believe), were actually created not in Singapore, but in Mumbai. This was revealed following a confession from Nayan Khandor, a Web designer and director of Dadar (central Mumbai)-based Brand Salon, that his firm was active in creating the online surveys for Speak Asia.

According to an investigation officer, Mr Khandor confessed that he was given the task of creating online surveys and designing the e-magazine by Speak Asia's chief executive Manoj Kumar Sharma and has been involved in this job since February 2010. The material seized from Mr Khandor's office also indicates his close relation with Speak Asia.

Coming back to Mr Dandona—he was earlier charge-sheeted by the CBI along with seven other people, including three officials from the Transport Department of Delhi Government for allegedly issuing forged permits to new auto-rickshaws. Last year in May, Justice Vipin Gandhi of the Delhi High Court dismissed Mr Dandona's petition saying, "Prima facie, his involvement appears to be deep-rooted. It cannot be said that on the basis of the allegations contained in the charge-sheet the petitioner W.P (Crl.) 586/2010 Page 15 of 16 may not have been involved in the criminal acts attributed to him. Consequently, I see no merit in this petition and dismiss the same."

Comments
saoL
1 decade ago
Hope speak asia will return.
Harendra
1 decade ago
Chandra Shekhar,
Either you understand the news report or you dont. There is nothing in between. If you know the language in which the news is written, then it is clear that lawyers accepting bribe and SAOL hearing are two distinct cases and has nothing to do with each other. For space saving, the newspaper has clubbed both matters together.
Here is the original article related with the lawyers and bribe..http://ht.ly/7rbLv
And as per SAOL is concerned, your officials has got bail only in one case registered at Mhasala Police Station. There are plenty FIRs and cased pending against them across the country. Lets see how much money you and your shody business can pay everytime they are granted bail. In the Mhasala case they were asked to pay over Rs18 lakh. Now say proud to be a bankrupt Speakasian ;-)
Chandra Shekhar
1 decade ago
Guys,
I think this is my first post in this Forum ..
I have been like a spectator for so long but I wanna bring to ur notice that on 9/9/2011 there was a news article published in one of the Leading Marathi News Paper called as “Loksatta”… According to this News paper there were 2 Lawyers accepted a Bribe of 30 Lacs and tried to give to a Daughter of one of the Retired Magistrate … They tried to give Bribe to Give the Decision on their favor means against SAOL… This is a shocking News for me too … I do not know the authenticity of this news but just posting this coz I wanna show that there is someone very Strong who is working to tarnish the Image of our SAOL… Request you to stay calm and support our beloved company … Stay United We will surely WIN… Proud to be a Speak Asian …. Here is the link for u … See page No 3….
At least people who know Marathi can read and understand it …
Mr.Pankaj Bagal shared this news in SpeakAsian Powers Group.
Thanks to Mr. Pankaj Bagal
News Source :
http://epaper.loksatta.com/16226/indian-...
Eventhough if it is true, it is not matter of worry because only one honest man in Judiciary system is enough to reveal the truth of SAOL !!
Only the word WIN is there which is remain to write down on the WALL in the history and that is for sure !!!
Published in :- http://www.speakasiaonline.mobi on 11-November-2011
Harendra
Replied to Chandra Shekhar comment 1 decade ago
Chandra Shekhar,
Either you understand the news report or you dont. There is nothing in between. If you know the language in which the news is written, then it is clear that lawyers accepting bribe and SAOL hearing are two distinct cases and has nothing to do with each other. For space saving, the newspaper has clubbed both matters together.
Here is the original article related with the lawyers and bribe..http://ht.ly/7rbLv
And as per SAOL is concerned, your officials has got bail only in one case registered at Mhasala Police Station. There are plenty FIRs and cased pending against them across the country. Lets see how much money you and your shody business can pay everytime they are granted bail. In the Mhasala case they were asked to pay over Rs18 lakh. Now say proud to be a bankrupt Speakasian ;-)
Kishore
1 decade ago
Oommen chandy Government hand in glove with money chain companies.

India Vision TV breaking News:

Addl. Chief Secretary directed Director General of Police to stop all investigation against Amway.

Kerala Government subverted criminal Investigation against money chain companies.

The Direct Selling Guidelines issued by the government is only to save Amway and RMP.
riyfkm
1 decade ago
Mr Nanak,
U seem to have deep knowledge of actual business model of Speakasia. Could you tell me which idiotic company pays Rs 500 x 20 Lakhs = 100 Crore for one single survey?
Precision Marketing, with only 20 Lakh members (Or should I say ID's)?
Out of the 20 Lakh IDs, many would be with multiple IDs. Also not all 20 Lakh would be relevant. Say I take survey on Microwave, not all 20 Lakh would have a Microwave or used a microwave.
Try to enlighten us on the above doubts. Till now NOBODY tried to explain me on the above points.... only will reply like you don't understand the business model, you need to look deep down... and all those CRAP...
Nanak Murtem
1 decade ago
Dear Pramod....it seems you are one of them who has superficial knowledge about the real business model of speakasiaonline.It sounds like a money chain system but actually it is not. Please go deep study about speakasiaonline and try to understand how it works
Chandra Shekhar
1 decade ago
Lessons from the 2G scam trial
Thursday, November 03, 2011 at 15: 43
These are indeed extraordinary times. How else should one interpret the order that's been delivered while denying bail to the likes of Kanmozhi and others? This was a case where the CBI itself had taken a position that it wasn't opposed to bail being granted to the DMK MP in the 2G scam case.
But the special sessions court Judge, Justice OP Saini, felt otherwise. The judge observed: "A murder may be committed in the heat of moment upon passion being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of consequence to community. Rights of accused is important but rights of victims and witness is no less valuable…they should have a sense of safety and security. One way of generating a sense of security is to keep accused in custody till their evidence is complete."
Let's consider the profile of the accused. Kanimozhi is an MP from one of the most powerful political parties. If witnesses have to be influenced, it can easily be done by her family members. Karunanidhi may have lost power on his home turf but he remains an important force to reckon with at the Centre. Other bureaucrats like RK Chandaulia and Sidharth Behura have worked with the high and mighty in the corridors of power. They too can swing things without necessarily getting their own names involved.
So why this insistance on keeping the accused in custody till such time that the trial doesn't get over? Is this a case of judicial over reach? Isn't bail the fundamental right of an accused? Look at the US. One of India's biggest icons, Billionaire investment banker Rajat Gupta, has been declared guilty of insider trading. He faces a maximum punishment of 105 years in jail. He too is accused of committing an economic offence perhaps as grave if not bigger.
A case of cheating is just that, cheating! But he is out on bail. So can he not influence witnesses with his financial clout?
One can, of course, argue that there are several people who spend much more time in jail than even the sentence they would have served if they would have been declared guilty. Only because their trial continues. One can be accused of perhaps being soft on individuals who have committed the biggest fraud in corporate India. But the danger of what we are witnessing becoming a precedent for all times to come is just too big to be ignored.

There is the example of Speak Asia, a company that was involved in carrying out online surveys and polls to figure out consumer trends. This is a company which is running very successful and professional operations in several other countries. In India too, It managed to do good business and provide money to several middle class Indians. Till the time that someone decided to complain against them. Suddenly, everything that they had built had become illegal.
Its COO, A dynamic enterpreneur who used to be with the armed forces earlier, is in jail. Top executives of the company are allegedly on the run and the company's entire business operation is in jeopardy. The situation gets more curious as so far government agencies haven't yet produced any strong evidence against the company. Yet the company is finding the going tough.
So whether it’s Unitech, Reliance or Speak Asia, the complaint against all these big corporate players is the same that they cheated. They are all supposed to be powerful enough to manipulate things in their favour. But then if that was indeed the case, How did they fail to manipulate the proceedings earlier? How did all of them land up in jail?
Need of the hour is for the criminal justice system to deliver verdicts quickly. Else India will soon lose its sheen of being the destination for entrepreneurship and growth.
Bhupendra Chaubey


Bhupendra Chaubey has been a TV journalist for the past 12 years starting his career with NDTV. As a political journalist travelling across the length and breadth of the country, he has that unique ability to grasp things at a micro level and then present it on a macro level. A graduate in Mathematics and post graduate in films, Bhupendra has been among the finest political journalists of his generation having covered two general elections and assembly elections of all states. He is amongst those journalists who depend more on their ground political awareness supplementing it with academic awareness of issues that confront the nation. Bhupendra often hosts the very popular and award winning news show faces the nation on CNN-IBN. He wants to be associated with the process of understanding the ever changing face of India. He lives in the national capital with his family.
(A true, balanced, neutral and justified journalism by a true Indian and this is called the real journalism )

(http://ibnlive.in.com/blogs/bhupendrachaubey/213/62867/lessons-from-the-2g-scam-trial.html)
Caesar
Replied to Chandra Shekhar comment 1 decade ago
.

You too, Brutus !!

.
Ram
Replied to Caesar comment 1 decade ago
cnn is giving a worng messege to people to be in chain link business of AMWAY Complaint, hyd

http://www.complaints-india.com/complain...


Ram
Replied to Ram comment 1 decade ago
If possible i will try to attend "Paid News: Fooling People all the Time" on 18.11.2011
radhika
1 decade ago
Sir,
I am Invested15000 Rs. in Speak Asia
todays not get me Rs.01/-
My Contact No. is +919329455677
Sir, Please give me a solution about my Refund. i think court or FIR do ?
radhika morena (m.p.)
pinky
Replied to radhika comment 1 decade ago
better give a representation to the President of Singapore !He will advise you whether to approach a court or an FIR !!
Dharamveer
1 decade ago
Can anyone give a solution to get our money back.
Solutionist
Replied to Dharamveer comment 1 decade ago
Ask this question to a lawyer practicing in Singapore !
Rahul Verma
1 decade ago
Sir,
I am Invested 11,000 Rs. in Speak Asia
My User Name is rahulverma100.
My Contact No. is +919557150049.
Sir, Please give me a solution about my Refund
Solutionist
Replied to Rahul Verma comment 1 decade ago
This is the solution............................

Consult an astrologer not Moneylife!

hahahaha
zess
1 decade ago
You speak asian guys still barking at here???? Manoj kumar and bajpai should be imprisoned for life .The crime committed by both is not less than culpable to murder.
vikas bakoria
1 decade ago
Sir,
I am Invested 33,000 Rs. in Speak Asia
todays not get me Rs.01/-
My Contact No. is +919981615521.
Sir, Please give me a solution about my Refund. i think court or FIR do ?
vikas bakoria Bhopal (m.p.)
joseph
Replied to vikas bakoria comment 1 decade ago
FIR first.
Sreedhar
1 decade ago
Ponzi Schemes – Frequently Asked Questions

Who is Bernie Madoff?

What is a Ponzi scheme?

Why do Ponzi schemes collapse?

How did Ponzi schemes get their name?

What steps can I take to avoid Ponzi schemes and other investment frauds?

http://www.sec.gov/answers/ponzi.htm
Chandra Shekhar
1 decade ago
SPEAK ASIA --------greattttttttttttttttttttttttttt


Money Life ----- Your Money and Life both will be lost very soonnnnnnnnnnnnnnnnn
Pramod
Replied to Chandra Shekhar comment 1 decade ago
.

This is a threat. Moneylife should take it up seriously. Report the matter to the Police immediately. Chandra Shekhar must be arrested immediately.
Chandra Shekhar
Replied to Pramod comment 1 decade ago
Mr. Pramod, don't advise or suggest Moneylife to take any action. If you can do anything, come forward and take action. As far as I think --"Bribed people never bites" and for your kind information ---- What is Moneylife? Who is Moneylife? Where is Moneylife? ----- Moneylife is nothing for me, Its a baseless magazine for me. I don't care. If you or Moneylife can do anything against me ----- you both are welcomed. I'm a SPEAK ASIAN and PROUD TO BE A SPEAK ASIAN.
MDT
Replied to Chandra Shekhar comment 1 decade ago
Here are the IP details of Chandra Shekhar...
117.226.190.46
He is from West Bengal (Calcutta)
This is his lattitude 22.5697 and longitude 88.3697 and is using NIB (National Internet Backbone).
Chandra Shekhar
Replied to MDT comment 1 decade ago
Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha.......................
Pramod
Replied to Chandra Shekhar comment 1 decade ago
Coward. hahahahaha
Chandra Shekhar
Replied to Pramod comment 1 decade ago
Collect IP addresses and when you collect 101 IP addresses, make a wreath with those IP addresses and mutter the holy name "Speak Asia", "Speak Asia" at least 3 times a day. You will feel very cool and calm after doing this.---- Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha
Pramod
Replied to Chandra Shekhar comment 1 decade ago
Dear dare devil,

Please let me know your complete address
Chandra Shekhar
Replied to Pramod comment 1 decade ago
Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha........................
Pramod
Replied to Chandra Shekhar comment 1 decade ago
coward .hahahaha
Kishore N
1 decade ago
Royal life MLM using Chief Minister's photo to intimidate investors.

The company officials met Oommen Chandy with the help of a local congress leader. They have posed for a photo and this photo is being is used to intimidate innocent persons who fell victims to the chain fraud.

(The company has become non functional after police action against chain marketing companies in Kerala)

(Mathrubhumi 24.10.2011 report)

http://www.royallife.biz/
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