Speak Asia COO Tarak Bajpai, four others to remain in police custody till 12th August
Moneylife Digital Team 04 August 2011

Police raid office, said to belong to the MLM company, in suburban Mumbai; recover data of about 24 lakh people related to the company

The Esplanade Court in Mumbai has extended the police custody of Tarak Bajpai, chief operating officer of Speak Asia online Pte Ltd, and four others who were arrested last week on charges of fraud.

According to our sources, the police today raided an office in Walecha Chambers, Andheri, and found important data like names and other details, in the electronic form. It contains records of about 24 lakh people associated with Speak Asia, they said.

However, the multi-level marketing (MLM) company has been providing different figures on the number of panellist registered with it. During the court proceedings on the arrests, Speak Asia's counsel has said the company has 14 lakh panellists. This is lower than the figure of 19 lakh panellists that the company's chief executive Manoj Kumar Sharma had mentioned at a press conference on 16th May.

While the EOW is looking out for Mr Sharma and Haren Kaur, chairperson of Speak Asia, there are indications that the police may arrest some more persons associated with the multi-crore fraud.

Many agents of Speak Asia are said to be filing complaints against the company. According to information, a number of people from across the country are also coming forward to file complaints against Speak Asia at the offices of the Economic Offences Wing of the police.

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Comments
tyagi naidu
1 decade ago
I want to know the final decision, we are going to get refundable or not
kris
Replied to tyagi naidu comment 1 decade ago
NO, unless you register a Police complaint.
tyagi Naidu
Replied to kris comment 1 decade ago
Ohh, Is there any benefited if i lodged complaint.
Already lots of FIR has been stuck in my city police station of earlier two-three companies.. I heard no body get his/her refund value. So, Speak Asia also gone forever then i think no body get even a single penny... We should forget to creating chaos... We can recover our losses for other sources.
Thanks for your suggestion & cooperation.
Kishore N
1 decade ago
NANO EXCEL FRAUD - COMMISSIONER LIKELY TO BE ARRESTED

Asst. Commissioner of Commercial Taxes likely to be arrested in Nano Excel Fraud case. Latest reports inidcates that he is the 11th accused in the case. He allegedly accepted a bribe of 1.5 crores from Nano Excel. This was revealed by Patrick Thomas who is now in the custody of Kerala Police. A lawyer and a Christian Priest are also under the scanner for their alleged role in the above case.

Yesterday Thrissur police arrested one Chandran Nair who was the leader of Nano Excel.
Sreedhar
Replied to Kishore N comment 1 decade ago

Thank you kishore for the nano excel network marketing fraud case update.
Kris
Replied to Sreedhar comment 1 decade ago
One more arrested in Nano Excel case

http://www.cityjournal.in/Newspaper/2011...
Kishore N
1 decade ago
Reserve bank of India

Fabricated Certificate of Registration - M/s Forex Achievements - Press release

http://www.rbi.org.in/scripts/BS_PressRe...
Govindan
1 decade ago
MLM/NETWORK MARKETING @ MONEY CHAIN

Kerala - No more God's own country !!

The New Indian Express Article:

Kerala is now Frauds’ Own Country

Written by Shri. George Abraham

Excerpts:-

............Social scientists who have studied this phenomenon point to several factors such as the desire to get rich with little effort in a short while, the breakdown of the old family systems and the growth of nuclear families, the rise of individualism which respects none, the decline of the hold of religion and the lack of the right leadership in political, social and religious spheres, government encouragement of alcoholism and political patronage of anti-social elements. The fact that fake companies wind up immediately after there is a change in government in the state is a pointer to an unholy nexus........

Link:

http://expressbuzz.com/opinion/op-ed/ker...

Seshu
1 decade ago
Before raising or talking about any issue please do some research...

I accept Speak Asia had entered Indian market with a scheme which no one can believe and some can ever digest...because I'm the one among who opposed it blindly when one of my friends suggested me about Speak Asia..

But I understood what Speak Asia is really about and how it wanna expand its business....diversify its operations to benefit its panelists the so called the family members of Speak Asia...

Trust me friends till there is no evidence that Speak Asia has cheated or defaulted except few complaints filed for a reason that they didn't receive money back(and every one knows cash requests are delayed because the company is in the process of establishing its operation in India legally so that it protects the customers interest in future) ...and blindly every one believes the articles published by media (news channels....news papers....n websites like this)..

If you don't know anything please try to listen...understand but never try to argue that you are right....even if you are right...

And try to publish full news rather than biased and incomplete news....
Sheeshoo
Replied to Seshu comment 1 decade ago
Here is some research....
1. If nobody believes and digest Speak Asia scheme, then why bring it in the first place. You dont eat stones because you cant digest it, right?
2. You can expand the business anywhere you want but not in India anymore. People have become wise now and will not fall for your get easy income fraud.
3. A company does not believe in the legal and administration system of a country and violets all norms and rules. Does this not fall under cheating? If you think everythink published by media is not true and people shold not believe in it, then what about the ads published by SAOL? Are these ads also false?
4. What is your definition of Full news? If someone unearths your wrongdoing, then that is biased news and if someone just praises you then its good? come on...grow up. All media cant be biased against unless there is something seriously wrong with your money swindling machine, SAOL.
Venkat
1 decade ago
I am sorry. now I realize that speak Asia is a fraud company.
Kris
1 decade ago
Police chief urges to be vigilant against money chain frauds

http://www.cityjournal.in/Newspaper/2011...
Govindan
1 decade ago
Thrissur Rural Police chief cautions people:

Thrissur Rural Police Chief Mr. Dinesh Kumar Behra cautioned people against Money chain frauds. BIZAARE, TYCOON, NANO EXCEL, UNIPAY2U, JAPAN LIFE INDIA, BIGWAY are some of the fraud companies. He advised people that if anybody comes to know about any money chain companies, he may immediately inform the Police.

(Mathrubhumi news paper report)
HARISHBJ
1 decade ago
SPEAK ASIA COMPANY NEVER CHEETED ANY ONE STILL THESE ALL MEADIA AND SOME POLITICION MADE THIS
Kris
Replied to HARISHBJ comment 1 decade ago

Speak Asia is a money chain company. Speak Asia must immediately wind up their business, pay back the amount received from investors and leave the country.
seshu
Replied to Kris comment 1 decade ago
Mr. Krish...whats wrong with you...I accept there are MLM companies which cheated people...but there is a difference between MLM and speakasia...try to understand it...

I hope you are aware of online deals like SNAPDEAL, MYDALA, VOUGEMAGNET etc...n hope you are aware that if u refer a friend to join the site they'll pay some 500 rs for referring a friend...that doesn't mean they wanna cheat or they wanna runaway...

its to increase its customer base and further increase the sales...

The same thing happened with Speak Asia...
With out customer base no company can rely on the surveys reports...
First Speak Asia tried to expand their customer base...and no one is ready to join n waste their time giving feed back about a product leaving their busy schedule...so Speak Asia is paying a part that is received from the clients to its panelists..

when the customer base is increasing it started planning to diversify its operations bringing in online shopping and few other features...
Still it tried to support the customers..the common masses to increase their earnings and increase their standard of living...

But the most unfortunate thing is there is more opposition from people like you....rather thank understanding and helping in rectifying faults in their business model....
Try to encourage the change in the systems rather than opposing...

A Raja
Replied to seshu comment 1 decade ago
Could tell me which Indian or MNC has that kind of market research budget ?

Going by the proposed payout - SA was at least should have been paying 20L * 500Rs per week. I.e. 100Cr (~ $25mn) per week. Which company would pay $25mn per week for survey to SA ?
Seshu
Replied to A Raja comment 1 decade ago
Mr Raman....what the bloody hell you know about speak asia to talk about it....

If you know more than what I know could you please explain me...

If you open the sites I mentioned above then you get a option that you'll be credited 500rs(for example) when you join and more when you refer a friend....First learn about them and speak...and I used those online deal sites just to explain how the referral system works and its never the source for Speak asia as the business operations are not the same as of now

And regarding speak asia registration I already explained that it is coming up it permanent establishment in India...with 5 zonal offices and many distributors.
I'm accepting the fact that Speak asia was not registered in India and there are no offices but you need to know that it is in proceeds of registering in India..
It paid taxes to Indian governments for the previous financial year...
A speak asia office is under construction in mumbai....it is coming up with five zonal offices too...atleast wait till the offices starts and then comment regarding that.....

Sorry for being rude...but I feel you need to grow mentally Mr Raman Sir...to understand speak asia..

hahaha....
A Raja
Replied to Seshu comment 1 decade ago
Seshu, you replied to me (Raja) and replied for what Raman asked. Be in your senses before replying.
Seshu
Replied to A Raja comment 1 decade ago
I'm extremely sorry sir....was replying u both at a time....something went wrong....
Raman
Replied to seshu comment 1 decade ago
Seshu....When the hell you would grow mentally? Online deal sites neither offer any money for referrence nor they restrict you from leaving or de-registrating it. They do not need to provide "Historical EXIT option" as its already present by default. And moreover, all these companies are registered, have offices in India and necessary permissions from the autorities to conduct this businee unlike SPeak Asia, which have nothing to show.
Kris
1 decade ago

One Speak Asian fraud yesterday made some false comments that Tarak was released on bail.

When can we expect Haren's arrest?
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