The MLM company, whose COO is in police custody for alleged money swindling, is desperately trying to allay the fears of its panellists by offering unnamed, unbranded products instead of money, to keep them from filing complaints
Speak Asia, the multi-level marketing (MLM) company which is desperate to keep its flock intact, continues to release half page ads in mainstream dailies. Through these ads the company is requesting its panellists to use the reward points that they have collected to buy certain unbranded or unnamed products, like LCD television sets in lieu of money. But many do not seem to be interested in these products and they are demanding their money back immediately.
Following the arrest of Taral Bajpai, the chief operating officer (COO), and some others by the Economic Offences Wing (EOW) of the Mumbai Police, "proud to be Speak Asians" have been demoralised. Some of them who are desperate for the money could file complaints against the company for duping them. In order to allay fears of its panellists and to try to stop them from filing complaints against it, Speak Asia is offering products that have also been advertised on its website.
Interestingly, following the arrests, Speak Asia's newly-hired chief executive Manoj Kumar Sharma is still untraceable. However, the company's website has released a video of Mr Sharma, shot at an undisclosed location. In the video, Mr Sharma assures the company's agents about opening an office in India very soon. This is nothing new, as various officials have been repeating this since it started its activities in India a year ago. Speak Asia's global CEO and founder Haren Kaur has not been reachable.
(A couple of lines posted on Twitter about this video read: "Meanwhile Speak Asia CEO Manoj Kumar has released a video from an undisclosed location. Seems to be truly inspired by Osama.")
Mr Sharma also says in the video that he has been travelling on business tours over the past ten days and that he would be back in India soon. Criticising the media for deliberately spreading false rumours about the company, he said Speak Asia has been victimised through a "malicious and unsubstantiated" campaign by news channels and other vested interests. He said that the company is formalising its operations in India to open offices that will help to grow the business.
According to a media report, Dilip Cherian, the owner of public relations firm Perfect Relations, which claimed to handle Speak Asia's public relations and media image management, has also been questioned by the authorities in Delhi after the sudden disappearance of Mr Sharma. It seems that when the persons arrested were being brought to Mumbai last week, some investors protested at the Mumbai airport on their arrival, and this information was released to the media by the PR agency.
Moneylife was the first to write about the dubious claims made by Speak Asia and almost every article attracted numerous comments, many of them abusive and derogatory. However, there hasn't been a single such abusive comment since the arrests.
As Moneylife has already reported, Speak Asia now owes around Rs2,280 crore by way of payments to about 19 lakh panellists it has enrolled as of 31th July and there could be other older dues piled up (like payments to newspapers for publishing the company's advertisements).
Some panellists explained that the company was offering products in lieu of reward points (1 reward point=Rs50). But since Speak Asia had very few products, many have not been happy about buying what is available and they have also been voicing their discontent on the internet.
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CRIME BRANCH ISSUES LOOKOUT NOTICE FOR HARISH MADDINENI
(Mathrubhumi News Paper dated 27.08.2011)
The Police have issued lookout notice for Nano Excel Managing Director Mr. Harish Maddineni at various airports.
I am a SPEAK ASIA panelist. I am having only a User Id and a Password. I request SAOL to issue a written document to reassure the panelists that their money is safe with SAOL.
Star Tv created a propaganda against them on TV and every body got feared of losing money and subsequently the banks and other money transfer authorities stalled SAOL functioning.
While the executives of SAOL went on to convince each one who raised objections and maligned there reputation that they will continue their business and will pay the panelist their dues.
Instead of taking a foolish action against local executives and arresting them, govt or other authorities should have allowed them to continue paying panalists and observed their activities closely and would have confirmed their payment processes. This would have ensured the fuctioning of the co as well as the panalist would have got the money which is their main interest. They are even trying to pay in terms gift vouchers, which also could be observed. Where is the question of taking any action unless they default in paying or compensating.
All the more they would have been asked to stop making further panalist which indirectly would have seized there Multi-Marketing -Trick which all were afraid of. And they were confirming that theyu are not MMC. They were earning from the surveys which they clain=med to be there main business of creating Data.
I think all Govt nad CBI or Courts should give them time to prove their activity which is not Multi Marketing.
They would have come under their own trap had they been a fraud company.
Instead of this frivilous comment, WHY CAN'T YOU EXERCISE YOUR FUNDAMENTAL RIGHT TO FILE A WRIT PETITION?
If you can't comprehend it, keep quiet. OK.
Regards,
You have only learnt to bla-bla.... TRy to find solutions.
So many have already petitioned , what is the result! When they are paying why not give them chance to do so.
People like you create problems than solutions. Keep shut if you have no attitude to think positive.
AMWAY: GODFATHER OF FRAUD
Excerpts from the article:
“Who is the Godfather of ‘Networking’ fraud in India? AMWAY, an American Company.
Direct Selling Association, an umbrella of all “networking frauds”, is being led by AMWAY.
More than 1000 “Networking” companies including ‘Modicare’, ‘RMP’, ‘K-Link’, ‘Nano Excel’, ‘Bizarre’ have adopted the marketing tactics of Amway”
The above article also praises Late Shri. Y. Rajasekhara Reddy, former Chief Minister of Andhra Pradesh for his steadfast fight against Amway. As per the article, only because of Reddy’s firm stand Amway was not able to get any relief from Supreme Court even though the company was represented by eminent lawyers like Soli Sorabjee.
and what about 20 Lacs of speakasians they have come from low lost educatinal background do they not understand what is happeninging that is why they are protesting in favour of SPEAK ASIA.
They are qualified doctors lawyers enggineers Chatared accountants High level govt officals.
JUST ANSWER ONE QUESTION WHAT IS RATE OF MARKET RESEARCH per survey if you know that if not please stop writing about speak asia . this is now a cult and it will not spare anyone whosoever is defaming it and all over and above we are proud speakasians we will be nothing can demora;lizes us rather you are just incresing list of people who are going to be nothing from something what they are today coz you are unable to realize strength of 20 lac welleducated and aware consumers. I am just requesting you to mend your ways otherwise pagaloo ka bhorsa nahin speak ko kuch hua tu tum tu milo gay ..............................................................
Aseem Chawla
Mr. MoneyLife may be the only intelligent! What’s wrong! counter them if you can, if you must. But only with absolute info with fundas.
That you will never ever be able to do. What info you have?
Have you ever read my various earlier comments? Or are you a stooge of SA to propagate via this media? CBM as they no more can propagate.
I’ve also stated PANELIST being investigated may not be ruled out!? The first step was with the franchisees!
The Mumbai Police, Monday received HUNDRED MORE complaints against SA/SAOL, accusing them of cheating .
Among the complainant victims was a 26yr old MBA who had set up SA franchise & lost in Crores.
The SA's approx 70 a/c with about 140Cr in various banks have been since frozen.
One of the ‘Franchise Panelist’ complainant had invested 4L in four months to authorize PIN’s & empanel sub panelist, for C3% with promise of doubling!It was borrowed money.
The Mumbai Police, IT, ED, MCA put the scam at 14K Cr.
WAKE UP SPEAKASIANS & SEE WHAT BEST YOU CAN DO! IF AT ALL YOU CAN DO ANYTHING!
Regards,
I think people like you who r looking in to overnight richness without hardsips are the only right and intelligent people in this world. money life people are syphatiising with the people who have lost their life's earing in froaudulent shemes floated by inteligent people with the fraudulent motives. definitly people who are as inteligent as you do not deserve any synphathy or help in life.
The raids, conducted under the Prize Chits and Money Regulation Scheme (Banning Act 1978) were part of the inquiry into money chain fraud
Statewide raids on Amway offices
The New India Express:
http://expressbuzz.com/cities/kochi/stat...
Now get my legal aspects & in the event, if at all, kindly save your SAOL!!!!
SpeakAsia is also under probe for selling TV’s on it’s website – forget panelist survey.
It is being investigated by EOW, Mumbai Police, for selling products of a co. which does not exist. Pl get going, sooner you will have air conditioners, refrigerators.
The five people so far arrested including Tarak Bajpai, COO, are remanded to police custody.
The offices of Tulsient Consultancy & Services Pvt Ltd; - which manages SA website has been sealed & its two directors arrested. This Co. is owned by Manoj Kumar, CEO.
SA is the holding Co. of Podium Ring Int’l Ltd; British Virgin Islands.
The ED has also started investigations, apart from MCA,IT & others – about 2K Cr transferred to international a/cs, whereas its revenue in India was only 80Cr!!?
SA has been in the biz of money circulating & its master a/c with United Overseas Bank of S’Pore has been frozen.
The above will be beyond your comprehension, THANX for your left & right hand compliments.
Regards,
I've got gyst of your msg, thanx.
A friend of mine from Bombay, from catering college named Mr.Suresh [incidentally] also a social worker had put up same things in my private mail.
I'm not roping you in this.
To what extent can vulnerables be helped? Thousand of Ponzi schemes are around.
Regards,
I do agree that there are somany innocent people became the panalists or who want to be panalists in Speak asea,
Kindly note that can you imagine when we speak to them and try to make them understand, " if I get my money why I should bother what co it is and what they Are doing?", so how can u say they are innocent? all of them know very well it is fraud but only their greed to become overnight rich with out any hardships makes them to go with these type of bussiness. U can see some of them how abusive language they use in this web site supporting speak asea. Do u think they deserve any sympathy?
Yes, they deserve more sympathy, I'll tell you why?
It'll be like that only, once a company gives this much & most importantly once they hold meetings & rally to motivate themselves (i.e., brain-wash themselves with the help of so called leaders of the MLM community), it'll happen like that - it's happening all over the world, that too in countries like India where unemployment & poverty is more - these people will not get any job if they leave MLM & go outside, it has become so difficult to remove or stop MLM from Indian society now, I've done enough research on that, MLM might be not suitable for people like me or people like you, but it suits many with unemployment & poverty line - but we need to do a lot of reform to change those people's attitude from that which is more or less impossible since the population of MLM community has increased drastically in our nation. Presently completely eradicating MLM community has become an impossible task. The only reform what can be done now is to set-up a regulation which has to be very strict or stringent to avoid fraudsters to enter into this industry which seems to be some what big now, still it is growing, no one is thinking about the root cause of this, simply you are telling they are using abusive language, if those people getting easy money regularly, promptly and all of a sudden because of the voice raised by people like me & you, those people have stopped getting their money means -- then how their reaction will be.. -- Think about it..! That too indian Unemployed people who would have finished any basic degree or even professional degree, you know how many BE or BTech graduates are jobless from so many days & years, how many of them have taken their profession as MLM in India, Uh, it's unbelievable, you can't accept also..! Ok., let's think the root-cause & we need to remove from there, instead of blaming them as greedy or lazy or anything else, no use of telling that, I've formed a community to reform those things in our society & it is just to stop fraudsters entering into this field or industry, let's wait & see what Govt. do now..! If still Govt. is not doing anything, people like all of us have to  go forward & do something to eradicate frauds in the industry!
Thanx for your left hand compliments to me & esteem ML.
Regards,
Regards,
Police raid at Amway offices
POLICE RAID AT AMWAY OFFICES ACROSS KERALA.
http://www.mathrubhumi.com/english/story...
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.
WHY DONT U POST GOOD THING IN THIS IF U NEED MORE DETAIL VISIT
http://WWW.SPEAKASIAONLINE.MOBI
AND http://WWW.BIZBASKET.NET
in india more correption doing politicion and media perosn only
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...
http://www.thesundayindian.com/article_p...
Owner: James @ Mugu (Actual Name: Mugunthan Gnanam / Gangam) a malaysian resident now absconded, Govt. not taking any action.
Also one company called Way2Life (WealthLine), Chennai based has looted Rs. 5,000 - 10,000 Crores, and vanished,
Owner: Chithara Kumar, tamilian now believe to be residing in Canada along with his family.
I'm having just a small list of companies around 276 MLM companies which are operating in India which all has MCA, ROC registration, even ISO also, all have cheated & ran away and still companies keep on coming & keep on closing. what hell this govt. is doing i can't understand? which country we are living in? I don't think in no other country this kind of scam would have happened except india..!
Compare to all other scams even Speakasia's, other companies scams are too big; i will ask moneylife to turn your attention towards other companies also, speakasia is having consumer power which i have not seen in any other company in my life, let us see how govt. handles this company panelists. This number is too big, govt. has to do something for them. Rest of the companies in the market collects money in the name of investment & also watching advertisements & doing surveys for which you are paid they tells.. huh, until what time they'll run the show! one day they are closing & running away na, why govt. is not taking any step remains a big question??
I am following articles written in Moneylife. I want you to introspect the following issues.
A cricketer is paid about Rs.5 lakhs for a test match played for five days whereas he is paid more than fifty lakhs for playing an IPL match for about three to four hours. Have you raised any questions about this? Is he a different cricketer? How is he paid so much? Is this not a gamble? Where were you at that time?
India is an electric power starved country. Even if you spend about 20MW per IPL match about 1000MW is spent for one season. Since the cricketers are paid so much let them play in sunlight. Why we have to live without power? Have you raised such issues? Where were you then?
Do you mean middle class has to live always middle class? With the kind of inflation and corruption in this country, middle and lower class suffer a lot. What have you done for that?
Some people spend in lakhs for their car's number plates. But government gives Rs.2 lakhs for the deceased person's family for bomb blasts, accidents, etc. Pea nuts it is. What have you done for that?
When a company tries to empower “The great Indian middle class” economically, why so much of hue and cry? I strongly believe Moneylife is doing injustice to the middle class. Is it that imperialistic attitude that drives you, Moneylife.
When the country is infested with scams after scams, where is the system that monitors. If you want to emancipate this country from all these pests try to correct the system of discrepancy in the standard of living among the crores of Indians.