Speak Asia top officials and Tarak Bajpai, the chief operating officer arrested Suspected fraud of Rs.1, 320 Crore

Speak Asia top officials and Tarak Bajpai,
the chief operating officer arrested Suspected fraud of Rs.1, 320 Crore

Amarinder Singh City Superintendent of Police said that Tarak Bajpai chief operating officer (COO) of Speak Asia was arrested late last night in connection with a forgery case from the Vijay Nagar police station area.
Tarak Bajpai will be flown from Indore to Mumbai.
With Tarak Bajpai 3 other persons were also arrested.


Joint Commissioner of Police Himanshu Roy told to media that Finance manager Ravi Khanna along with Rajiv Malhotra and the third official, identified only as Rais, were nabbed by the economic offences wing of Mumbai police and brought to Mumbai from different parts of the country.
Roy said that police suspect fraud of Rs.1, 320 crore.

Web portal SpeakAsiaonline.com was operated by tarak and 1 more person with his links in Mumbai.
He mainly handled training, communication with members and hosted the retreat for Speak Asia investors in Goa this year.

2 days back CID froze the online survey company's bank accounts.
Speak Asia is being investigated for a multi-level fraud. FIRs and PILs have been filed against it.

Speak Asia is not incorporated in India and it will be investigated inspected under section 591 of the Companies Act, which is applicable on companies incorporated outside India and has established a place of business within the country.

The company's chief executive officer (CEO) is a Singapore-national Harendar Kaur.
The India CEO Manoj Kumar is currently untraced and on run.
Speak Asia only operates in India in Asia and the company had 137 franchises in Maharashtra, four of which are in Mumbai.

Reality views by sm –

Keyword Tags – Speak Asia Manoj Kumar Arrested COO Harendar Kaur Tarak Bajpai

READ MORE - Speak Asia top officials and Tarak Bajpai, the chief operating officer arrested Suspected fraud of Rs.1, 320 Crore

Speak Asia's Singapore UOB bank accounts frozen Payments will be delayed

Speak Asia's Singapore UOB bank accounts frozen
Payments will be delayed

The Ministry of Company Affairs has ordered a probe into the company and its practices.
Speak Asia has said it will approach the Supreme Court against the action.


CNN IBN in a report said that
“ the Government sources, however have said that Speak Asia is not registered in India and there is no question of taking any action against the company. Speak Asia is registered in Cayman Islands, sources said.”

As Bank Accounts are closed Speak Asia will not be able to pay the money people who were eligible to receive the payments.

Speak Asia in a letter to its customers has declared that some Banks have temporarily frozen accounts of our India based agents.
On 25 May'11, UOB Bank at Singapore has also pressed us, for closure of our 2 Bank accounts within 2 days
All the payments processed by Speakasiaonline between 13 to 20 May 2011, have been held up because the TT's have not been sent from Singapore to India, by the UOB Bank.
On 25th May 2011 the accounts were closed by the Bank.

Now Speak Asia has said that Whilst ALL the payments due to our Panellist community, is banked at UOB Singapore, nevertheless we have also urgently requested the UOB Bank and our law firm, to move the UOB Bank balance on the closure date, into a new Bank account or a Client Escrow account, to be held on behalf of the Panellists, Staff and Vendors of Speakasia ;

An Escrow account would ensure certainty along-with the law firm's supervision that the panellist money is kept for your benefit and stand the scrutiny of any authorities.

(An Escrow account is an arrangement where an independent trusted third-party (bank) receives and disburses money and/or documents for two or more transacting parties, with the timing of such disbursement by the third-party dependent on the performance by the parties of agreed-upon contractual provisions)

Reality views by sm –
May 27, 2011

Keyword Tag – Speak Asia Singapore Bank UOB Bank Account Frozen

READ MORE - Speak Asia's Singapore UOB bank accounts frozen Payments will be delayed

Letter From Ms. Harendar Kaur Speak Asia CEO chairperson To all speak Asia Members –

Letter From Ms. Harendar Kaur Speak Asia CEO chairperson
To all speak Asia Members –

Dear Fellow Speak Asians,

Together we have worked very hard, night and day, to build a Brand, which has positively transformed the lives, of Lakhs of families across India in less than ONE year. There are so many heart-warming stories of personal triumphs and financial successes amongst the 19 lakh panellist community all across India already and we are poised to take the Brand into its India based operations phase.



This was achieved by our investments in IT systems/Infrastructure along with the pride and passion of Panellists and our Sales and Support staffs in India and Singapore, who are inspired with the Big Vision of creating a Global online business model FROM India and very soon becoming Asia's largest sovereign panellist community of empowered consumers.

The vicious media disinformation campaign, prompted by business rivalry, started at the closure of the successful and unique GenX Bazaar, on 11 May 2011.

We responded by proactively reaching out to the various Indian Govt. authorities, including the PMO on 15 May 2011 by email, requesting a thorough investigation into our business. This is to satisfy the authorities that the company was properly looking after the interests of all SpeakAsians, be it our Panellists or hardworking staff in the field. Our proactive action, is keeping in mind YOUR business interests, forever in the days ahead.

It has been brought to our notice, by our banking contacts, that despite the fact that authorities, have not replied to us formally or responded to our emails/letters of 15th till date, unfortunately, some Banks have temporarily frozen accounts of our India based agents.

Due to the media noise, on 25 May'11, UOB Bank at Singapore has also pressed us, for closure of our 2 Bank accounts within 2 days, without giving us the chance to present our case or even listen to us. Please note, in order to set up a seamless International Banking Gateway like the one at UOB Bank, takes at least 6 to 8 weeks of interbank and managed IT infrastructure coordination and implementation.

IMPACT:

All the payments processed by Speakasiaonline between 13 to 20 May 2011, have been held up because the TT's have not been sent from Singapore to India, by the UOB Bank. On enquiring urgently, they provided us with a closure letter dated 25 May 2011.

Please be assured, that the Account Balance at Speakasia's UOB Bank accounts, is for and behalf of our Panellist, Vendors and Staff.

Whilst ALL the payments due to our Panellist community, is banked at UOB Singapore, nevertheless we have also urgently requested the UOB Bank and our law firm, to move the UOB Bank balance on the closure date, into a new Bank account or a Client Escrow account, to be held on behalf of the Panellists, Staff and Vendors of Speakasia ;

An Escrow account would ensure certainty along-with the law firm's supervision that the panellist money is kept for your benefit and stand the scrutiny of any authorities.

(An Escrow account is an arrangement where an independent trusted third-party (bank) receives and disburses money and/or documents for two or more transacting parties, with the timing of such disbursement by the third-party dependent on the performance by the parties of agreed-upon contractual provisions)

Due to these banking account related actions we have been FORCED to temporarily delay our normally prompt payout cycle, pending set up of new banking operations and clearance from the authorities.

NEXT STEPS:

We are moving to the Supreme Court against the govt. Authorities and concerned Banks, for taking this SUO MOTO (without asking for clarification) action, without paying any attention to the interests of our Panellists, Vendors and Staff and their families;

We are prepared with all records, for submission to the authorities, if and when they communicate their requirements to us. Also we have written to them asking for an appointment to explain our case.

This has been a most disrupting experience for us ALL and we are MOST concerned about the disruption to your bank accounts and/or finances, that these actions prompted by the malicious media activity, thereby forcing the authorities have caused to us.

We will update you with progress daily, through our website, our staff and Helpline. Please DO NOT pay attention to any other sources of Dis – information, which are designed to mislead and upset you and your families.

We request all the panellists; to be with the company and have faith during these troubled times. We reiterate, that when the company had proactively gone ahead in order to submit the facts in front of the Govt. of India and authorities, then all the false allegations raised against us by various agencies, some of whom are competing unfairly with us, should not be allowed to prevail.

As already committed by the untiring management team in India, in the press conference of 15th May 2011, we have initiated the setting up our PE (Permanent Establishment) through a Branch office in India, so that the wrong allegations about our being suspect because of our Singapore origin, will be silenced once and for all time to come.

The entire company and its management is HERE TO STAY and are fighting, for our Panellists, Staff and Vendors and their families.

We are sure to win this battle together!!.

We understand that there is an online petition at the URL:

http://tinyurl.com/speakpetition

We request EVERYONE connected with Speakasia to sign the online petition and appeal for once and for all time clarity from the authorities.

Ms. Harendar Kaur
Chairperson & C.E.O

Reality views by sm –
May 27, 2011

Source -

http://assets.speakasiaonline.com/static_popup/news_2752011.html

Keyword Tag – Speak Asia Letter from Harendar Kaur Bank Accounts Frozen Singapore

READ MORE - Letter From Ms. Harendar Kaur Speak Asia CEO chairperson To all speak Asia Members –

Speak Asia Speak India registered in Mumbai having Indian Directors who is the owner of Speak Asia

Speak Asia Speak India registered in Mumbai having
Indian Directors who is the owner of Speak Asia

Money life has reported that Speak India Network Marketing P Ltd is a company registered in Mumbai, with Indian directors.
This company and Speak India Online are collecting money from survey panelists and have accounts in ICICI Bank, ING, State Bank of India and a dozen others.


Each bank has remitted Rs50 crore to Rs180 crore.

About Rs1,000 crore has already been transferred abroad.

The money remitted to these accounts are pooled into a company called Tulsiateck, which is also registered in Mumbai.

Tulsiateck remits funds to buy "survey software" from a company called Haren Ventures Pte of Singapore owned by Harender Kaur.

The money from Haren Ventures in Singapore may or may not be going to Speak Asia Singapore, the company in whose name this massive 'survey' company has enrolled 1.9 million panelists.
Haren Ventures is the distributor of e-zine "Surveys Today".

Money life has also reported that few banks have frozen the accounts of speak Asia.
Banks have frozen the bank accounts for possible foreign exchange violations.

HT investigation found that Speak Asia is not based in Singapore.
The real owner or majority stakeholder is based in British Virgin Island, a known tax haven.

Documents in possession of Headlines Today show while Harinder Kaur is a representative director of Speak Asia, the real owners or stakeholders have been identified as Podium Ring International Limited, based in Tortola in Virgin Islands.
The documents in Headlines Today's possession show Wong Chuen Shya as secretary.

Till date it’s reported that More than 19 Lakh Indians have joined the Speak Asia and they are doing Surveys and earning Money.

Authorities in Uttar Pradesh raided two franchisees of Speak Asia.

D.K. Mittal, Secretary of Ministry of Company Affairs, said that the department will work in close collaboration with the RBI and SEBI to safeguard investors' interest. The government will now look into the alleged act of irregularities of the market research company.



Speak Asia Business Model =
Invest Rs 11,000, answer two surveys every month and recover your investment in three months

All one needs to do is pay Rs 11000 to Speak Asia and open an e-account. Speak Asia sends two surveys to the member every week.

On an investment of Rs 11,000, the member earns Rs 4000 every month for a period of one year.

That's Rs 48,000-return on an investment of just Rs 11,000.

President of Investor Grievance Forum (IGF) Kirit Somaiya has lodged a written complaint against Speak Asia Online Ltd with the EOW of the Mumbai Police.

In his complaint, he has asked EOW to initiate inquiry against the company Speak Asia, with an allegation of dubious modus operandi in India.


See the example below and you will understand it all.

Company a started survey business.

10 People Join and become Member.

Each Member Pays 100 Rs.

10 Member multiply 100 Rs. = Company A got 1000 Rs.

As per company Rule Monthly each member will earn Rs. 25
Yearly Income Rs. 25 multiply 12 = 300 Rs.

And every Member who brings new member then company will pay Rs. 2 monthly for 12 months for bringing that member into this Scheme.
More members you will bring the Rs. 2 amount gets increased.

Monthly extra income Rs. 25

Each member invested Rs. 100 and He will get at the end of business Rs. 300.

Thus after investing 100 Rs. The members tell it to his friends and relatives and they also join it as they think their friend has invested then must be good company.

Each Member brings new member and he brings new member thus the chain is started to bring more and more members.

The Company owners keep paying money unless and until they want to .

One day company wounds it business and runs away.

In this scheme the founding members and old members earn and make money.

The members who invested and before their recovery of basic amount deposit if company runs away those innocent people never get their money back.

Marketing is such a thing that one will even end up buying dirty black water thinking that it’s pure water.

Reality views by sm –
Thursday, May 19, 2011

Keyword Tag – Speak Asia Fraud Speak Asia Chain Marketing Speak Asia Survey Cheating Fraud

READ MORE - Speak Asia Speak India registered in Mumbai having Indian Directors who is the owner of Speak Asia

Understand Speak Asia business model of the Speak Asia Part 2

Understand Speak Asia business model of the Speak Asia Part 2

Speak Asia Registration Information –

Speak Asia Online Pte. Ltd.
Address: 10 Ubi Crescent, #07-68, Ubi Techpark,
Singapore 408564
RCB Number: 200618809D
Phone: 0065-63430887 / 0065-67493743
(Monday to Friday: 7:30 am to 2:30 pm (IST))
Fax: 0065-67422877



Survey Helpline
Phone No.: 91-11-65153885
Open from 10 am - 5 pm (IST) Mon-Fri
this is strictly for Survey Filling Support only.

Sales Support Hotline for India
Phone No.: 91-11-46488000 / 91-11-46170511
open from 10 am - 6 pm (IST) on all days
Except National & Public holidays


Speak Asia is not registered in India.


Manoj Kumar, the company's chief executive for India, apologized for naming ICICI Bank, Bata, Nestle, Bharti Airtel and ING Vyasa Bank as Speak Asia's clients.

"Taking the names of these organizations was a factual error on the part of our chief marketing officer Vivek Gautam and I apologize on behalf of Speak Asia," Mr. Kumar said. He, however, said that during the initial period of operations, Speak Asia had worked on these brands, although the service was not commissioned by these institutions.
Speak Asia company Pays members for giving their opinions on Surveys.
Do One Survey and Earn Rs.500.

First Understand and know everything about Speak Asia.
Know the business model of Speak Asia.

To Join Speak Asia One has to join the company Speak Asia or say you have to pay Rs.11000 and become the member of the Speak Asia Online Survey Company.

1 reward point = $1 or Rs. 50.

Its Fix Rate in outside Market dollar rate keeps changing but for speak Asia it is fix rate.
1 Reward Point = $1 or Rs. 50.

Now suppose you completed Registration You paid Rs.11,000.

Speak Asia pays Rs500 for every survey

Now there are 2 concepts –

Main Panel and Sub Panel –

MAIN PANEL

Subscription Cost: Rs. 11000
Subscription Period: One year
Surveys : 104 (Full Year) (2 per week)
Monthly Income : Rs. 4000** (Per survey you get Rs. 500)
Annual Income : Rs. 50,000 (104 x 50)

Add. SUB PANEL

You can increase your income by filling more online survey.
For this you can add up to 9 sub panels at a discounted subscription

Rate of Rs. 10,000 ($200) per sub panel with your main panel.
(Total Subscription amount for 10 panels Rs. 1, 01,000 ($2020).
Then you will get up to 20 surveys

(2 surveys per panel) weekly to fill up you have to work daily 1 hour

(Or you can work single day in a week for 7 hours and fill- up all 20 surveys)

And you will be paid Rs. 10,000 ($200) every week for 52 weeks

(Total income in a year = Rs. 5, 20,000 ($10400).

So now you got the idea about business of Speak Asia –

Pay 11,000 Rs. And Monthly guaranteed income Rs.4000 minimum.
Year Income Rs. 50,000 Minimum

Suggested Reading –

Speak Asia – Letter from Haren (Harinder Kaur) Chairperson to all Speak Asia Members
http://realityviews.blogspot.com/2011/05/speak-asia-letter-from-haren-harinder.html


Speak Asia Speak India registered in Mumbai having
Indian Directors who is the owner of Speak Asia
http://realityviews.blogspot.com/2011/05/speak-asia-speak-india-registered-in.html


Reality views by sm –
Thursday, May 19, 2011

Keyword Tag – Speak Asia Fraud Speak Asia Chain Speak Asia

READ MORE - Understand Speak Asia business model of the Speak Asia Part 2

Speak Asia – Letter from Haren (Harinder Kaur) Chairperson to all Speak Asia Members – Speak Asia Part One

Speak Asia – Letter from Haren (Harinder Kaur) Chairperson to all Speak Asia Members

Currently Speak Asia is accused of many things by media channels now this is the Part One in connection with Speak Asia.

I will be covering and writing on Speak Asia exposing to you in depth about Speak Asia.

Below is the letter written by Haren (Harinder Kaur) Chairperson to all Speak Asia Members


No Date on the Letter.

Dear Speak Asians,

I am sure that just like the team and management of Speak Asia you too must have viewed the motivated, misconceived and baseless news item relating to Speak Asia on Star News channel.

We are shocked to see the extremely malicious, derogatory and defamatory allegations leveled therein. The entire story appears to be planted by them due to a business rivalry with Speak Asia.

We would like to reassure all of you that there is no truth or substance in these unfounded allegations and necessary instructions have already been issued to take all possible legal actions against the channel.

Please be assured that we will not allow any organization or individual to impede and hamper the well-earned image, trust and respect of Speak Asia and thereby attempt to impede its progress and growth. Such attempts will be met with the most stringent legal action.

As always we stand committed to our objectives, ideals and commitments and assure you of our continuous support.

With warm regards,
Haren (Harinder Kaur)
Chairperson

End of letter.

On Speak Asia website it is mentioned that very soon Live webcast by CEO Mr. Manoj Kumar will be broadcasted on there website.


Reality Views by sm –
May, 18 2011

Source Letter - http://assets.speakasiaonline.com/static_popup/important_msg.html

Keyword Tag – Speak Asia Speak Asia Fraud Speak Asia Marketing Chain

READ MORE - Speak Asia – Letter from Haren (Harinder Kaur) Chairperson to all Speak Asia Members – Speak Asia Part One