Thursday, 19 May 2011

Speak Asia apologises for misleading subscribers

The company that took pride in calling itself 'India's largest integrated market research agency', now finds itself in big trouble.

After a Headlines Today investigation into the false claims made by the firm, the CEO of Speak Asia has now apologised for misleading subscribers.
But it is lying about high profile clients like Airtel and ICICI. Or is there something far more sinister?
Sudhir Gupta, distributor, Speak Asia, says, "We just surveyed Tata Nano. We launched Samsung's new range of LCD-LED TVs. Speak Asia also did surveys for Airtel's logo change."
Headlines Today special investigation has exposed the workings of the wonder website Speak Asia with its CEO having been pushed into a tight corner.
Manoj Kumar, CEO, Speak Asia, Mumbai, said, "I apologise to those brands whose names were taken by my management or sales team."
"Since there was a miscommunication, I as the CEO own up on behalf of the entire organisation," added Manoj Kumar.
Speak Asia top management is now squirming at the tough questions coming their way.
But for over a year now, the online company has been collecting large sums of money, rapidly luring and enrolling lakhs of people all the time, assuring them of phenomenal returns, while all that they had to do was simply fill out some online surveys.
But suddenly Speak Asia is backtracking on all its get rich quick claims.
Sudhir Gupta, distributor, Speak Asia, says, "There is no limit to earning. From 4000 to 40000, you can earn as much as you want. Some people even get Rs 4 lakhs to Rs 4 crore a month.
Manoj Kumar says, "We do not say or believe that anyone can pay us Rs 11,000 and earn X amount of rupees. That is not our promise."
This statement coming from Speak Asia is bad news for over 19 lakhs people who have signed up and paid money to Speak Asia in the hope that it would multiply.
The company had earlier claimed that it was in the business of doing surveys for big business groups and then distributing the money to its members.
The Reserve Bank of India is now probing Speak Asia's business in Singapore, where it is based.
Speak Asia is not registered in India, nor does it possess any evidence of legal documentation. It is still not clear what exactly the business model of Speak Asia is. Yet it hopes to make one crore enrollments by the end of this year. Experts contend that there is enough cause for concern to expect a probe in to the functioning of Speak Asia.
The modus operandi
It's the lure of easy money that most find impossible to resist. Invest Rs 11,000, answer two surveys every month and recover your investment in three months. After that it is all profits.
The online survey groups that promise you to pay while you sit at home have always been under the cloud of suspicion.
The Headlines Today investigation reveals that the leading integrated market research agency (Speak Asia) has been peddling a pack of lies.
They promise easy money and all it takes are a few clicks. Claiming to be an internet survey company, Speak Asia promises to make its members five times richer. The method is simple and easy to fall for.
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.
The promise of easy money has lakhs of Indians hooked to Speak Asia, with many opening multiple Speak Asia accounts.
The company claims that it does surveys for top MNCs in India but when Headlines Today contacted these companies, they refused to have any business links with Speak Asia.
The future of the company remains in a cloud after the various allegations that have been launched against Speak Asia.
Even the members of the company have started raising doubts about its authenticity.
Shitij, member, Speak Asia, said, "They have given us one number of Singapore and a few helpline numbers in Delhi, which are never available and if you call Singapore, they never pick up and sometimes it says that the number does not exist. I have not got any information from these numbers ever."
Even as the legality of Speak Asia is yet to be established, at stake is the money of lakhs of investors who have put their hard earned money into this scheme. Some investors stand to lose crores if Speak Asia goes bust.
BJP leader and 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.
(Courtesy Headlines Today)


Francis said...

The concept of mlm and such other money making schmes are prevailing in India and other parts of the world since last 15 yrs. The originators of such scemes have made crores of rupees and ran away and still are at large from the clutches of the law. The culprits like Japan life, Modicare(under the now infamous Lalit Modi)sky park and many other perptrators are still not booked. So it can safely believed that, this mlm business is very legal and govt. law eneforcing agencies are unable to book them. Lakhs of unemploed people having lost faith in the govt. that one day the govt will give work to their hands and they can have two square meals a day and dream to become Tatas and Ambanis on some days are falling pray to such schemes. Now please tell me whether any one has been booked so far if the schemes are illegal. You come up with a scheme to tarnish the image of such scemes when they are running well and fearing the enforsers of the law these people grease the hands of the law enforsers and vanish with crores of rupees, ultimately loosers are the poor unemployed people who invest their hard earned or borrowed money. You are also guilty for finding fault with such schemes when hundreds of crores of rupees are involved because you also dont have any other good work to do. thank you. --Franco

Shyam Sundar said...

I only pity you. It is the responsibility of every social-concerned person to warn their fellow humans of the dangers they face in day-to-day life. Everybody is happy when his stomach is full.
You may not be aware that Corporate Frauds Watch (CFW) has filed criminal cases against many companies and got them closed. GoldQuest International, Gemini Techno are only two instances. CFW has also got stay orders vacated against at least fourteen companies and effectively stalled their nefarious activities.
There should be someone who bells the cat.

Beepool said...

Why all are behind only mlm scam?? Let me know any one business, where there is no scam? In Govt?? no scam ?, What you say about so called corporates, even mediccal science, medicine, IT or Education industry, National games,Hockey, Cricket, IPL? Is your govt able to stop mafia business ??? Tell me any one department where is no corruption, scam. All are looting in different form. some are doing legally illegal. some are doing illegaly(?) legal things. So called gentleman are alwyas want to proof they are very concious and saying all legal, and doind legal..

Shyam Sundar said...

So in essence you agree that it is a scam but at a minor level. You are asking to catch only big thieves, robbers and leave the pickpockets. This kind of argument is not tenable. Can't you see the social fabric is being damaged due to such schemes. Nobody trusts anybody any longer after losing money in some scam or other. This is all the more dangerous than losing money.