Speak Asia officials on the run; panellists feel the heat for repayments
Moneylife Digital Team 07 September 2011

All the MLM company’s officials—except one who is in jail—are absconding. First, Speak Asia cancelled a scheduled meeting with the RBI, then it withdrew a petition in the Supreme Court. Now panellists are feeling the heat over repayments from their down-lines

Speak Asia Online Pte Ltd, the Singapore-based multi-level marketing (MLM) company, is in a withdrawal mode with most of its officials absconding, and police now considering issuing red-corner notices to track those associated with the company. Some agents (panellists), especially those who had enrolled several people in their down-line, are now facing the heat over repayments and they could file complaints against Speak Asia and the up-lines. More about this later.

On Tuesday, the matter came up for hearing before the Bombay High Court, and many panellists expressed their wish to become party to the case. The High Court asked the petitioners to consider which side they would want to become party to and that they should first approach the Economic Offences Wing (EOW), Mumbai. The next hearing is scheduled in two weeks.

There has been much boast by some persons on the Internet claiming that enforcement agencies and the judiciary would give the company a 'clean chit' and criticising the media for its negative stance. Unfortunately, the reality is different. Speak Asia's chief operating officer (COO) Tarak Bajpai has been reluctant to come out of jail in Thane, even after being granted bail, as he fears arrest by police from other states.

During this period, Speak Asia requested the Reserve Bank of India (RBI), to postpone its meeting, citing non-availability of its officials. This after the company got an order from the Bombay High Court to help it get the appointment with the central bank. Yet, the company decided to request the RBI to postpone the appointment from 24th August, to a later date.

In another instance, some panellists made a noise about how Speak Asia would go to the Supreme Court and get an order in its favour and how everything would be sorted out. Unfortunately, this too has turned out to be a hoax. While the company did file a writ petition (criminal) in the Court, its counsel, senior advocate Ranjit Kumar requested the permission of the Court to withdraw the petition.

The subject category of Speak Asia's writ petition is mentioned in the "Criminal matters - matters relating to bank scams, cheating, forgery etc" category on the Supreme Court website. After hearing the company counsel, a bench of justice Markandey Katju and justice Chandramauli Kr. Prasad allowed the petition to be withdrawn.

The status of the case (number 176/2011) is clearly listed as disposed on the SC site, but some panellists have been talking as if this is only some more negative reporting by the media about the company.

There are several comments posted by agents of Speak Asia asking for help or relief to deal with pressure from their down-line for repayments. One such comment reads: "Three of the members in my team have joined on 17th April by borrowing one lakh thirteen thousand (Rs1.13 lakh) each in (on) interest from the market. And now they are neither in a position to give the interest nor can stay at home. I have tried to educate them about exit options and all the latest updates of SAOL management (chairperson & CEO). All of them will wait up to 11th September, otherwise they will lodge an FIR against me as well as against the company and indirectly threatened me that they will get their money back from me by any means."

Another panellist wrote: "Do you think weak management consisting Haren Kaur, who is seating in Singapore, and Manoj Kumar, who is hiding in Dubai, would be able to do anything good till 10th September? Thinking positive is good thing, but it should not be blindfold following. While the Supreme Court has disposed Speak Asia's petition, BizBasket found something positive in it too. They are saying that the Supreme Court has not passed any comment against Speak Asia. Tomorrow, these people will say the government is against us, not the country! However, the hard to digest truth is that the company's CEO is absconding and the courts may declare some prize for his arrest. It would be better if the company forgets its dream to get registered in India, at least for now".

"Speak Asia ab sab ko fool bana rahi hai, koi payment nahi anne wali...I am sure about this...sab ka paissa dub gyaaa.....ab to God ko pray karo my friends .....Rs70,000 ka chuna laga hai mujhe ...," said one of the panellist on a Facebook page.

As common with all multi-level marketing (MLM) companies, here too many panellists enrolled their family members and close friends, without realising the side-effects. One such panellist has said, "Mere ko 12 lakh ka chuna laga hai maine to apne sare rishtedaronko join karwaya hai aur bahut se dost bhi hai. Par ab voh dost nahi rahe, kyon ki ab voh ye puchhate hai ki payment kab aayegi aur izzat bhi nahi karte. Ab to izzat bhi kharab ho gai hai. Aur kahi rishtdari mai bhi muh nahi dikha sakte yaar. Jawab dena bahut mushkil ho gaya hai. Sara din phone aate rehete hai ki paymant kab aayegi."

While, several panellists are feeling that it is the RBI that has stopped their payment, they fail to understand that the central bank does not have any jurisdiction in Singapore from where the account freezing process started. Banks in India have not frozen any account of Speak Asia, as the company does not have an account in the country under its own name.

Indian banks have frozen several accounts of distributors after the investigations by the income-tax and sales tax departments. Unfortunately, many agents are still under the impression that the RBI has frozen Speak Asia's bank accounts and that they would get their money as soon as it is released. It is estimated that the company owes over Rs2,000 crore as payment for surveys and police have found about Rs150 crore in distributors' bank accounts. How the company will be able to pay such a huge amount is a question that's worth not more than a few hundred rupees!

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Comments
sachin chavan
1 decade ago
Bloody I don't understand why these people don't dare to come up against the 1000s of adult uncensored sites and casino sites and other adult games sites, that are exploiting the entire nation. Crores of people are being exploited daily because of this, many call girl rackets and other antisocial activities are being operated through these websites, piracy is at the extent that nobody can control. If you think about the losses that our people are incurring because of these websites would be in trillions of crores would be in multiples of many 2g scams, but EoW or govt of india they dont really want to work on this. Because they get black money from those people which they stag across the world, and such site continue to operate openly they even declare their ip addresses publicily and the server names that host those websites are known to everyone but nobody is gonna dare stop them, infact they are provided facilites like money trasfer to their accounts through online banking or credit cards, but if common people try to do something good fort their life and eat happily these people are going screw them and make sure they dont skip any effort to make common mans life miserable... we common people are tired of such things and now nobody can stop us .. some or the other day we are gonna overcome everything....
WORRIED CITIZEN
1 decade ago
Request to right- minded Citizens of Navi Mumbai (Vashi, Nerul area)

It has been reliably learnt that the company named ‘PENTA WORLD INDIA’ is collecting deposits of Rs.1000/- from people. The other name of the above company is P.I. MARKETING. They are reportedly offering a commission of 150/- rupees or more for every 1000 rupees. This Kerala based company is a money chain company. Their offices in Kerala were closed by the Police. They have defrauded many innocent and gullible people in Kerala and Tamilnadu. As per their website [www.pentaworldindia.biz] they have a corporate!! Office in Navi Mumbai.

P I MARKETING PVT LIMITED / PENTA WORLD


Room No. : 1,2,3. Plot No. : 44,
Land View CHS
In front of Maratha Bhavan, Sector 15, Vashi,
Navi Mumbai
Maharashtra-400703
Tel:+91-222-7880120.
Fax: +91-222-788012

It is also learnt from reliable sources that now they are active in Nerul area. The following seems to be their address:
Address:
Suman Building (NEAR GAONDEVI MANDIR)
sector - 6, Darshan Darbar Road,
Nerul West,
Mumbai – 400706

I request all right thinking citizens of Navi Mumbai to be vigilant against money chain frauds and inform the police for taking action against them.


RAMESHA
1 decade ago
when speakasiacomence we aresuffer i invest more money from borrow
RAMESHA N
Replied to RAMESHA comment 1 decade ago
WE ARE LOSS AND LOSE LOST MY LIFE BECAUSE WE STRONG BELEVED ABOUT SPEAK ASIA.COM PLEASE DO T DISCOURAGE MY STRONG BELIFE START IMMEDITLEY MAY GOD BLASSING THANK GOD GOD
motu
Replied to RAMESHA N comment 1 decade ago

Why did you invest in such fraud companies?
Kishore N
1 decade ago
Nano Excel Chairman Explaining About Passive Income !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Maddineni speech:http://www.nanoexcelactioncouncil.net/
Kishore N
1 decade ago
mlm fraud

TWO more big promoters of the dead 'NANO EXCEL' arrested and remanded by the court.

Mathrubhumi reports that investors in GUJARAT & DELHI are also joining together against the dead company.


Kishore N
Replied to Kishore N comment 1 decade ago
NANO EXCEL MLM FRAUD

ACTION COUNCIL WEBSITE

http://www.nanoexcelactioncouncil.net/
Kishore N
1 decade ago
MLM FRAUD

PROMOTERS REMANDED

CHIEF JUDICIAL MAGISTRATE COURT REMANDED PROMOTERS OF 'NANO EXCEL' YESTERDAY.
Kishore N
Replied to Kishore N comment 1 decade ago
NANO EXCEL MLM FRAUD

ACTION COUNCIL WEBSITE

http://www.nanoexcelactioncouncil.net/
BHANU
Replied to Kishore N comment 1 decade ago


Beware promoters/ panelists of SAOL !!!!

It is likely that police may knock your door shortly.
haseeb
Replied to BHANU comment 1 decade ago
we don't worry about go to jail....
we are innocents....
putting in a jail is not a end of a war....
SAOL will win in the ongoing war....
High court already considering SAOL case...
why bhanu Misguiding Panelist.....
we all support speakasia
Sofi
Replied to haseeb comment 1 decade ago


I am a panelist. I don't support SAOL anymore. they have cheated us. what I want is my money back. I don't think all panelists are innocents. many of them are company's stooges. they are even now playing false to innocent and gullible people. All those panelists who have earned big amounts must be arrested and put in jails along with Tarak Bajpayee.
BHANU
Replied to BHANU comment 1 decade ago


POLICE action against MLM/ DIRECT MARKETING agents/ promoters etc etc is highly commendable as these people are also equally guilty of crime.
Kishore N
1 decade ago
mlm fraud

nano excel PROMOTERS arrested

The police arrested some people in connection with the Nano Excel money chain cheating case. The arrested were the promoters of the company. They were arrested on the basis of evidence given by Harish Babu Maddinenii. (Maddineni is in Police custody).



Nano-excel fraud case; 18 more held

http://2011keralaelectionresults.blogspo...
Ram
1 decade ago
What about Ramsurvey which has fooled many people??
Kishore N
1 decade ago
NANO EXCEL FRAUD IN GUJARAT TOO

Maddineni's Nano Excel MLM fraud company swindled crores of rupees from Gujarat.

Manorama News paper (september 14,2011):

http://www.manoramaonline.com/cgi-bin/MM...
Sudhakar
1 decade ago
The American bosses of 'Amway' have committed wire fraud in India

http://corporatefraudswatch.blogspot.com...
Kishore N
1 decade ago
Prime accused in Nano Excel fraud case Harish Babu Maddineni has been remanded in police custody for 10 days.


http://www.cityjournal.in/Newspaper/2011...
Kishore N
1 decade ago

Arrest of Nano Excel MD :

Mr. Maddineni brought to Kerala by Kerala Police. However, Kerala Police alleged that Andhra police mislead Kerala police.

read:
http://english.manoramaonline.com/cgi-bi...
Worldmag
1 decade ago
If life was so simple everyone can earn filling up surveys. Speakasia is charging 11500 for e-zine which is a copy paste work from different website. They are using copyright material to generate money. If you pay for a magazine like National Geographic they also don’t charge this much. It is a printed magazine. While speakasia charging for electronic magazine that is not original and copy paste work. Even a cheap tuition class will use their original work.
Kishore N
1 decade ago
MLM Fraud ---- DXN & NANO EXCEL MADHYAMAM NEWS PAPER EXPOSES DXN - MADDINENI NEXUS and MALAYSIAN MUSHROOM (Ganoderma lucidum) Fraud Maddineni knew that people of Kerala would easily fall prey to cheats. That is why he introduced his Nano Excel Fraud to Kerala. Some years ago he defrauded them in the name of \"Malaysian Mushroom\". These mushrooms are available in Kerala itself especially in Wayanad district. He marketed products based on this mushroom as “magic medicine” in Kerala some years ago. This Mushroom is known as \"marakkoon\" (Ganoderma lucidum) in Kerala. Maddineni WAS ONCE THE REGIONAL MANAGER OF DXN.All DXN offices (http://www.dxn-india.com/) in Kerala are now closed by the Police.
Speak Asia Online
1 decade ago
Why it doesn’t matter even if Speak Asia win in court
http://behindmlm.com/companies/speak-asi...
Haseeb
Replied to Speak Asia Online comment 1 decade ago
Government can't pay even one rupee to us who lost money in speakasia....
speakasia was paying correctly to its panelist...
I am a post graduate and i don't have a job... there for .. now i am in a position to beg..
Government is not able to give job for us.....
we used to live with this company....
we did'nt theft anything.. Just trying to live...
I know much people who earned money through this company...
when a problem come in to screen all talking about the cash which they paid while joining..
but nobody talks about which they already received cash through this company....
shame on u dirty people....
and thanks for medias to give ONLY negative publicity... about company....
remember..... we don't have a single penny even for buying poison.....
Let speakasia works again... Let us live again..
Kris
Replied to Haseeb comment 1 decade ago


Poor SAOL Panelists!! One of them needed "refund" as his mother was sick and therefore he wanted no action against officials of Speak Asia !! Now he leaves the place and another poor man Haseeb comes with a begging bowl as he became unemployed when SAOL became defunct !! Poor man he did not have single penny for buying poison!! He will start living again once the dead SAOL takes rebirth !!
haseeb
Replied to Kris comment 1 decade ago
Hello... Kris.... you bloody devil... you are happy when people hurt...
go to hell..... we can see whats gonna happen for SAOL...
SAOL will come back... i am sure...
because... it did'nt cheat anybody
kris
Replied to haseeb comment 1 decade ago

Yes, indeed I'm happy when fraudsters are sent to jail.

jutamaro
Replied to kris comment 1 decade ago
Kris, all these shameless panelists want to get an illegal money chain MLM Speak Asia operational again just so that they can get hope for a chance to get their monies back. If these arseholes could just read the Exit Option being circulated by pro-SAOL sites to curb further FIRs being filed against Speak Asia they would know that this farce will only result in giving Speak Asia an authorization to remove the panelist lock and stock and barrel from their website and payment if ever is made will be only when RBI grants Speak Asia permission to have banking facility and MCA grants registration of its office in India, both being tall orders in the current scenario. Via the Exit Option farce being circulated by the absconding CEO Global, Haram Khor, a panelist will get its membership fee of Rs10k (net of 1k deducted being some life registration fee) less any Reward Points earned for doing bogus surveys. However, if the Reward Points are more than the membership fee of 10k then the panelists will get nothing. All this is being done to fool the investigative agencies that they have offered an exit option to panelists to make them happy and that in their database there are only a few (sucker) panelists who want to stay with the company. Vested interests of this corrupt Speak Asia are forming pro-SAOL websites or blogs in droves everyday "corrupting" Google search for genuine sites publishing authentic news on continuous court verdicts and what RBI/MCA/PMO/EoW are actually doing.

Most of these pro-SAOL sites with idiots are of the belief that Rs150 crore odd money in franchisee accounts frozen by the CID would be sufficient to pay off the registration monies of 20 lakh panelists as claimed.

I am a "chutia" panelist of this Corrupt, Ponzi, illegal money laundering and money chain scheme and I just refuse to let these selfish panelists and management of SAOL off the hook UNTIL AND UNLESS AN ACCOUNT IS OPENED AND CONTROLLED BY THE INVESTIGATING OFFICIALS UNTIL SAOL PAYS (BY TRANSFER TO THIS ACCOUNT FROM MONIES HOARDED ABROAD) OF ALL REWARD POINTS TOGETHER WITH MEMBERSHIP FEES OF ALL WHO WANT TO EXIT. AND ONLY THEN THIS ACCOUNT WOULD BE HANDED OVER TO SAOL.
jutamao
Replied to jutamaro comment 1 decade ago
......in continuation of my earlier past, would any sensible person give any worth to these Reward Points in the current scenario to which this Haram Khor of a chartered accountant is attaching a worth of Rs50 per Reward Point. They have zero value.

Further this Haram Khor of a chartered accountant has been stating that there site http://www.speakasiaonline.com is not operational because it has been taken over by EoW, Mumbai. Would anybody believe that? The fact is complaints by panelists to GoDaddy has resulted in freezing of this site. Further this Haram Khor had been stating earlier that accounts of its franchisees/agents in India were frozen via a circular of RBI. False. Accounts frozen by CID. Again, RBI has no say in Singapore where USB had frozen her accounts as the bank was concerned of its image and did not want scamsters to have accounts in their bank. I think all the government authorities involved directly or indirectly in the investigation should file a case against SAOL for all these lies.
ramesh
Replied to kris comment 1 decade ago
Gandhiji also went to jail. it does not mean he is wrong. How can u say that they are fraudsters when EOW, MCA, ROC and RBI can't prove and submit proofs. Never make false comments when u dont know.
haseeb
Replied to ramesh comment 1 decade ago
yes ramesh ji.... Mr. Kris trying to show only negativity about SAOL...
we were satisfied with SAOL...
we 20 Lack people need the existence of SAOL..
we don't theft anything ... we did'nt cheat anybody....
If SAOL Exist that will be problem for some companies in India...
actually SAOL... Plans to enter in real direct selling...
we all 20 Lack people were ready to buy product from SAOL..
IF we buy Products through SAOL... other companies will be in trouble...
therefore... much companies are against to SAOL... AND trying to beat SAOL... at any cost...
but .. now the case is going on in High court and EOW and some other Authorities are enquiring about SAOL.... SINCE 3 - 4 weeks...
untill now they could findout any wrong things against SAOL...
And some external powers are trying to make Fraud FIR Against SAOL...
We all waiting for the Order for the Hon. HighCourt.
speakasia will win.. sure..
we all people with SPEAKASIA....
Kris
Replied to ramesh comment 1 decade ago
I didnt know Gandhiji was a Speak Asian. great!!!!!!!!!!
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