Wednesday, 18 May 2011

Govt assures action against Speak Asia, raids on franchises in UP: Shady ownership patterns unearthed


In a major revelation, Headlines Today has unearthed the shady ownership pattern of Speak Asia. Headlines Today has learnt that despite established knowledge, Speak Asia is not based in Singapore.
The real owner or majority stakeholder is based in British Virgin Island, a known tax haven. The tax haven is used by tax evaders to channelise ill-gotten wealth.
Documents in possession of Headlines Today show while Mrs 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 secrecy in the ownership of Speak Asia conforms to a typical offshore structure where multi-layered waterfall structure is created to hide the actual owner. So that brings us to the all important question, who owns Speak Asia which has investment worth millions from Indians. The documents in Headlines Today's possession show Wong Chuen Shya as secretary. This can prove to be a challenge for Indian agencies as information from British Virgin Island can be obtained only through a letter rogatory. 
Noose tightens
 The noose is tightening around Speak Asia after Headlines Today uncovered irregularities in the functioning of the market research website.
After the Headlines Today investigation, authorities in Uttar Pradesh raided two franchisees of Speak Asia. 
The raids were conducted after allegations of service tax violations against these franchisees.
The raids were confirmed to Headlines Today by the office of Commissioner for Excise and Service Tax in Lucknow. 
Authorities also concede that the raids are a follow-up to the Headlines Today investigation.
Govt probe
Speak Asia's worries don't end there. The Centre has also now stepped in to ensure that the company's investors of Speak Asia are not taken for a ride. 
The Ministry of Company affairs has told Headlines Today that the government will ensure that the company does not indulge in any action which adversely impact the investors who have poured in millions into 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. 
Headlines Today special investigation on Tuesday exposed the irregularities in Speak Asia.A day after Headlines Today reported the alleged investment fraud by Speak Asia, its franchises were raided at two locations in the Uttar Pradesh capital for alleged evasion of service tax.
The information was confirmed by the office of commissioner of excise and service tax in Lucknow. Authorities conceded that the raids were a follow up to the Headlines Today investigation that exposed the company's alleged fraud.
Meanwhile, the Union government also stepped in to ensure that the investors were not taken for a ride. The ministry of company affairs told Headlines Today that the government would ensure that the "Singapore-based" company did not indulge in any action which could adversely impact the investors who have put in millions of rupees into it.
D.K. Mittal, the secretary of ministry of company affairs, told Headlines Today that the department would work in close collaboration with the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) to safeguard the investors' interest.
Mittal said the government would look into the alleged act of irregularities by the company, which takes pride in calling itself "the largest integrated online survey group in the Asian subcontinent".
Asia Speak, which hawked a "get rich quick" scheme, had landed in a trouble after Mumbai Police received a complaint on Tuesday to probe its operations.

(Courtesy Headlines Today)

11 comments:

naveen said...

http://www.bizbasket.net/2011/05/star-panels-reply-to-bizbasket.html

triveni said...

we need updated information. keep up fight against this mind boggling fraud

triveni

K. A . PRASANNA said...

K A PRASANNA SAID
The CEO of the Speak Asia company was not able to answer simple questions - like the type of business model, the sources of income, client list, whether appropriate permission from RBI has been obtained. It appears this online fraud is bigger than Harshad Mehta stock scam. Hope the regulators will nab the culprits before it is too late and protect the interest of small investors, who have invested their hard earned money in the company.

Madan said...

Please do not blame to speakasis. They are working genuinely in india, even no one penalist has blame to this company. If you people are not earning or not having faith then please do not join. I have experience with this company for last four month and I have very very very good experience. I am a doctor of Lucknow, these news are totally fake and making rhumors about speak asia. The news chanels have their own interest with company, They may want money from this company. The news channels of this country we all know about them they need spiced news. Even past the news channels have created many problems of inocent peoples of this country. Please ignore them. As per my experience the company is doing good and favour of their penalists. No one has blamed about this company except media. I do not believe on media fully. They make cooked news and serve to the peoples of this country. they do not say the real fact they always search only wrong points and catch the words and makes scentences wrongly. Please do favor of penalists of this country. What is the problem with the inocent penalists of this country. All of them are like you peoples. Many of families are very very happy and eating their food and living life after rewarding from this company. Dont get inocent peoples bad wishes please please please... Always remember that BURE KAAM KA BURA NATIZA.... If you do bad to inocent peoples then definetely you will get harm form god. faith on god... I Prey to god for you so that you will not do wrong to the inocent peoples. Please dont become terrorist of the innocent peoples who are enjoying their life with their childrens. I hope you media and people will understand the matter. The govt will see the matter. Media please stop...

Shyam Sundar said...

These fraudsters do not answer a simple question. Why should people pay for getting paid. You are paying only for expressing our opinion on the products in the surveys. For that you are asking people to pay and also paying them for enrollment. This is the open money circulation scheme and a crime.
My dear fellow people all over Asia! do not listen to these fraudsters. They are out to cheat you.

Dinesh said...

Your are right Mr.Shyam Sunder. This is a total fraud scheme. Even educated people are falling prey to this. Indians will never come out of this greediness.

internet scams Information said...

Nice site. I have added it to my bookmarks and will be back soon. Keep the articles coming.Speak Asia Fraud

Saravana said...

Just stop all these comments and see your job to safeguard yourself.. If the company is Genuine they are benefited, if fake na they will know a lesson.. So just mind ur business to grow better...

Shyam Sundar said...

You don't have any social responsibility. Such type of people are damaging the society.

Anil Bhatt said...

Mr Shyam Sundar u r ullu ka pattha ..... n this will get confirm when Honorable Supreme Court will Give Clean Chit 2 Speak Asia Online...........

Shyam Sundar said...

This type of crooks never change their ways. Even after reading the AP High Court judgement, they have not realised that speakasia is a fraudulent company. You know why? Because they are also part of the racket.