Recent and latest news about Speak Asia is that 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 and also submitted a copy to RBI. Speak Asia from 2-3 days is going under many criticism and many news channel are talking about them one by one. Subscribe to Syconet World by Email.
You can see his complain in Official Website of Kirit Somaiya. In his 4 page letter which is written to Finance Minister, SEBI, RBI etc. he has raised many points about Speak Asia Online. Some of the part of the letter we have posted below.
First Page Of Letter
Dated: 14th May 2011 The Finance Minister, Ministry of Finance, North Block, New Delhi Dear Sir, Sub: Speak Asia Online – The latest MLM company out to defraud people In the past we have dealt with several Fly by night operators, Plantation companies, MLM operators such as Japan Life, Gold Quest, Kudos Marketing who have duped investors by assuring them phenomenally high returns in a short span of time. The newest addition to this line is a company called Speak Asia Online. SpeakAsia, is an online company collecting large sums of money by rapidly enrolling people with the promise of incredible payments for simply filling out online surveys. Our preliminary investigation, however, shows that the company is not registered in India and it does not have any legal documentation to carry out such business. The company hopes to register one crore agents by the year-end. Speak Asia Online, claims to be based in Singapore, and is spreading its multi-level marketing (MLM) wings in India under the pretext of online surveys. As is usual in any MLM scheme, this company also makes big claims about earnings, but fails to provide any documentary evidence for the same. The company asks new customers or subscribers to pay $120 (standard) or $220 (premium) for becoming a panelist for one year. However, it says the fee is for its e-bulletin for one year. It clearly says: "You can remain a panelist and earn from Speak Asia only as long as your subscription to E-Bulletin is in force."
Last Page of the Report
the website will simply be not there on the net and that will be the end of road for people who invested. There is no actual survey for which this company is engaged by others. Will a professional company want a genuine survey to be done by people who are into ‘business’ of writing surveys? Survey are done on a random sample of people to get actual user experience. No company will accept surveys done by an army of survey report writers whose only interest is to make money! To sum up, the entire intention of Speak Asia is to loot and defraud small, unsuspecting investors. IGF requests you to immediately initiate an inquiry in the matter and put an end to this scheme of fooling people.
For Investors Grievances Forum
Kirit Somaiya (President)
Cc: Securities & Exchange Board of India Reserve Bank of India Ministry of Corporate Affairs Economic Offences Wing
Download Complete Letter against Speak Asia Written by Dr.Kirit Somaiya