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Speakasiaonline A fraud or real opportunity?

Abhimanyu Bind (CA Final Student & Audit Assitant) (2049 Points)

17 May 2011

Respected seniors and friends,

Everyone is talking about speakasiaonline that they are paying a good enough amount for doing surveys and lots people have paid them Rs. 11000 for subscripttion fees and numbers of my known people also. I read about it on internet. Here, I am sharing a link with you for its detail history. Please read and respond.

https://www.india-forums.com/forum_posts.asp?TID=1671122

Thanks.

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4 Replies

CA Dinesh (CA) (91 Points)
Replied 17 May 2011

Pls i wanted to know about ca firms in bangalore

Nikhil Kothari (CEO at Sequinox Business Advisories) (4671 Points)
Replied 17 May 2011

The Speak Asia money trail (A fraud or a Legal company)

Moneylife investigation reveals that the mysterious trail of Speak Asia runs through several India companies and the money is being remitted to purchase 'survey software' from a company linked to the shadowy promoters

Some new, worrying details about Speak Asia, the flaashy survey company that has ensnared millions of gullible Indians over the past few months, are now available from a Moneylife investigation.

It now appears 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.

Our sources tell us that Tulsiateck remits funds to buy "survey software" from a company called Haren Ventures Pte of Singapore owned by Harender Kaur, who sometimes appears as a promoter of Speak Asia at mega events such as the glitzy conference recently held in Goa. 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 19 million panelists. Haren Ventures is the distributor of e-zine "Surveys Today". Interestingly, it is also into trading in coal from Kalimantan mines in Indonesia, for China and India, shows a Google search.

We now learn from the banks that some of the accounts of Speak India have been frozen for possible legal violations. If banks take a tough stand, Speak Asia may fold up as quickly as it grew.

For months together there has been no clarity about Speak Asia's business model and no information has been forthcoming as to who owns Speak Asia and how it makes money. It appeared to be another chain-marketing scheme, which was distributing liberal patronage to the Indian media, hiring expensive advertising and public relations firms, even as it was spreading its tentacles at lightening speed.

After the banks have frozen the accounts for possible foreign exchange violations, it should now become an issue that has to be investigated by the Enforcement Directorate, which has clearly been sleeping on its job. The pooling of funds and the import of bogus software is in the jurisdiction of the Enforcement Directorate.

Strangely enough, at the press conference Speak Asia held on Monday, company officials neatly evaded all issues, saying it was collecting Rs11,000 as a deposit from panelists. It claimed that this money was the subscripttion price for the spectacularly expensive magazine called "Surveys Today".

The Ministry of Finance and the Ministry of Corporate Affairs have done nothing so far to follow the trail of the large sums of money raised by this company and its modus operandi. Right from the growth of Speak Asia, Moneylife has been warning the public about this company. Recently, two TV channels also telecast detailed reports on the issue.
Source:moneyline

SOURSE. https://www.simpletaxindia.org/2011/05/speak-asia-money-trail-fraud-or-legal.html?

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Nikhil Kothari (CEO at Sequinox Business Advisories) (4671 Points)
Replied 17 May 2011

Company for articliship :

1. E & Y : in U B City

2. PWC : Kormangala

3. KPMG : Indiranagar

4. Deloitte: Richmond Circle

5. BMR

6. Mehta & Tadimalla

7. Kinchas & Co

8. Kp Rao

Nirmit Choraria (CA Final) (1333 Points)
Replied 18 May 2011

Speak Asia is not a fraud company ans its 100% a leagal company..coz when der wer accused dey could hav easiy ran away like other company..insted dey held an press conference and answerd all the question u can go to speakasiaonline.com and can see the entire recorded pree conference...

I am proud speak Asian...

1 Like