Speak Asia Online – too good to be true

speak asiaWho will not like to earn a lot of money & the easier you can earn it – the better it is. What about paying Rs 10-12000 in a year & getting Rs 52000 back? Let’s sweeten the deal – also get huge passive income. Yes this is the plan that is shared by Speak Asia – an online survey company (they claim). You just have to play some tic-tac-toe in survey form & earning starts. But my mind is not allowing me to think beyond that they are just another multilevel marketing company (MLM).

 Read – Club Mahindra Financial Blunder

For more details how it works – check this mouthwatering presentation.


Speak asia from The Financial Literates

Wow – life is so easy. But the whole episode reconfirms one thing – nothing in this world is more seductive than the dose of money.

Why I am writing it today on Speak Asia Online

My uncle is speak asian – no it’s not taken from speak asia ad that flashes regularly at the time of IPL.  Yesterday one of my friends called me asking “Who is Mr ABC Beniwal” – I said “He is my uncle – not real but very close. What happened”. He said “He is part of speak asia & doing some wonderful job.” He shared some login password of his ID & I checked how he is minting money. Almost Rs 5-6 lakh in last 1 month on his investment (in my friends language – he thinks it’s investment for new venture) of Rs 12000. I checked with my cousins & the figures are correct – even they are making lakhs every month. (Even their new Skoda Laura is shouting this) Check screen shot of earning report.


I feel that “when something is too good to be true – avoid” be it investments or something like speak asia online.

Read – Costly Credit Card Mistakes

Few interesting facts about speak asia & it’s panelists:

I just want to share few things which I feel one should know about them.

  1. They are registered in Singapore but not in India. Registering a company is not a big deal but no one is going to do a case in Singapore court for his Rs 12000.
  2. They are selling subscription of online newsletter (Ezine) – so in case if surveys stop coming; you can’t take them in court because you will still be getting Ezines.
  3. Their so called E-zines are just copy paste from some other sources & most of the time Wikipedia. (check this on insurance link 1 & link 2)
  4. Why they are charging – why not give a chance to start as free.
  5. They even don’t mention that people should be proficient in English or know internet. (only above 18 is the criteria)
  6. Right now they have added 7.5 lakh panelists (read agents – ok.. members) & they want to take this to 1 Cr by year end. When company do survey they do it with sample but not the whole market.
  7. So once they reach a mark of 1 Cr – every year the panelist will be sharing a revenue of Rs 52000 Crore (1Cr members * 52 Weeks * Rs 1000 per week) & who is going to pay this amount.
  8. Why one member is allowed extra panels at some fees. Don’t you think it will impact quality of survey?
  9. Interesting nos.: 3 lakh of their members are from Utter Pradesh – I don’t want comment but do all of them really understand English. Amar ujala newspaper quotes people who are not able to fill surveys due to lack of English or how to use internet give Rs 50 to others to do the same.
  10. This Singaporean company has changed their name 3-4 times in last couple of years. And their registered address show details of 4-5 companies.

I can write n no. of logics & members or prospective members of speak asia can give n no. of arguments. We both are biased with our thoughts.

Read – Why we make mistakes

My Views:

There are no shortcuts for long term goals/dreams. I don’t see this more than a ponzi scheme – where you make a pyramid & bottom of the pyramid takes the pain. As warren buffet said “you only find out who is swimming naked when the tide goes out”. Right now music is loud & party is going – let’s see when music stops but I think it should happen soon. (and some time it even runs long – hope you remember Madoff Scam)

Speak asia ads remind me of days when Shahrukh, Tendulkar & Hrithik were doing ads for Home Trade. And couples of months later promoters were behind the bars for committing a big fraud.

And one sad part is even insurance agents & mutual fund advisor are introducing this scheme to their clients – Amar Uzala Utter Pradesh edition.

What Indian Media Have to Say:

Times of India: Another company goes to town with easy money scheme

Money Life Magazine: Another MLM scam in the happening, this time under the pretext of an online survey

What’s common in above 2 titles “ANOTHER” because these type of things keep happening – few are big enough that comes to everyone’s notice including speak asia.

These are my personal views & I don’t want to force them on you. Only one suggestion always keep your head cool while taking decisions.

Will love to see your views & if you agree with my views must share it with your friends.

103 COMMENTS

  1. One of my friend has joined this Speak Asia scheme & forcing me to do so. But I keep refraining because due to him only earlier I joined another so called money making company called DEWSOFT Overseas where I’ve sunk my eight thousands rupees & in that company I’ve to joined another two people below me so that I can earn some percentage of money from them when they’ll pay 8 thousands each, its like binary plan where you’ve to add two people & those two people needs to add more two people i.e 4 people. Not only that we’ve to pay money for the seminars pass which is 250. My expense was more than my income (I didn’t earn anything from that & gave up). From this my friend & I too lost respect from our friends who are now laughing at us who prevent us from joining this company.

    Speak Asia is growing fast & I came to know from him that here too we’ve to joined other people to get more money but it is not compulsion you can earn from survey which is fixed income. I don’t know what to do but I kept telling h im I’ll join soon, I’m waiting from someone to know some hidden secret of this company. The payment here is 11 k & soon its going to be 15 k after may.

    There is one more company like this i.e Al-Gulf same like speak asia but the payment is 3500 k.

    Why don’t government take actions on these kind of fraud company?

    • Hi Hyderali,

      Thanks for sharing this – that’s true that few people earn in these schemes but most people are not even able to recover their fees. (this is the game)

        • Yes, they are showing ads during IPL match..to make people believe that this company is not Ponzi.

      • Thanks Hemant,

        I know soon you’ll write a post – Speak Asia bankrupt or their chairmens absconding or the survey stopped coming. 🙂

        • Hi Ajay,

          TV gives confidence to prospects & we all know who is paying the cost. Second benefit of giving ads is – even media keeps silence for few days. 🙁

          @Hyderali – I promise I will not write a full article but a small mention at some place should not be missed. 😉

    • hi,

      thnk u very much to share such a good n vry importnt matter ,i dnt knw wy people try to achive short term goal ……..

  2. conceptually, they are at hitting the right place ,it terms of market survey requirements for any company and now they are going to introduce ad based surveys etc..
    If they continue will be a breakthrough in marketing and ad industry.

    They mentioned in one of the recent meeting that going to have 5 offices in India ,and will start deducting TDS also.

    • That’s the reason they have grown very fast but I am very sure that they don’t have a proper business pan.

      They should disclose who are their clients..

  3. I am also going throug SPEAK ASIA background and the business model is not sustainable. This is a ponzy scheme which bound to be doomed. They are selling subscription via so called FRANCHISEES who are working like HAWALA operators. I have been to one of the Franchisee office and I was shocked so see people waiting there with bundles of 500 notes. People are buying subscription for cash, no reciept provided by franchisee. So one can use all his black money to buy the subscription and make it white in 3 months (if the company survives for 3 months). This calls for government to take action under money laundering act. One can buy upto 10 memberships under his name and more under his family n freinds names so if one person is anwering a survey 10 times, what is the quality of survey can be expected by their (so called) clients (I wonder if there is any client).

    There are so many unanswered questions w.r.t. to this business which definately makes you think “What the hell is going on???”

    My advise KEEP AWAY FROM SPEAK ASIA AND TELL YOUR FREINDS NOT JOIN IT.

    Thanks

    • Hi Prashant,

      Government is too busy these days 🙁 they don’t have time for such small things. But the way these guys are growing – this have all possibilities to be mother of all MLM scams.

      • You are right Hemant, government is very busy in running their own scams and defending the culprits sitting in their own backyard. If this (speak asia) scam is not stopped in time, I am sure, it would definately give government a tight competition 😉

    • Hi Prashant
      Yes you are absolutely right.this speakasia’s survey are poor quality surveys providing, they says we provide consumer products surveys, what IPL ha consumer product?? they provided surveys on IPL as who will win IPL 2011? this type of stupid questions has been asked once…company’s representatives are shouting against media etc… but company is not assuring their member’s invested money not all… no single word they are saying about it…. really nobody should join such companies… they are paying referal comission from which pocket?? only from member’s joining nothing more… if the company decides to refund I assure you company has to shutdown their business guaranteed… Prashant we should alert all Indians thru loacl newspapers not to join such type of companies by paying them… then only such type of scams will be stopped automatically…isnt itt?? please write ur opinion on my this post… Thanx Prashant….

  4. Yesterday only Economic Times Wealth had an article about such companies. They have given a list of companies which have folded up earlier. It is quite tempting to join. But I have decided against it.
    Thanks for your article.

    • Hi Rajasekaran,

      I don’t know how media works. Yesterday ET Quoted “Speak Asia, India’s largest integrated market research agency, is eyeing an increase in its base of panelists from the existing 1.5 million to nearly 10 million by December, 2011, a senior official said today.” 🙁

      PR Agencies are so strong.

  5. Hi Hemant,

    Again an arrow that arrived from you on right time.
    Now MLM stands for ‘Most of all Looses Money’ One who joins is ‘Man Like Monkeys’

  6. I have asked one simple and pure question i.e. Show us the proof of Speak Asia’s Income from the Survey Business.

    WHY INCOME PROOF OF SPEAK ASIA REQUIRED?

    Total People Joined – 11 Lac
    Suppose 50% taking Surveys – 6 Lac
    Each Member earns – 3000 Per Month
    Average Earning Cycle – 6 Months (I took just half Instead on 1 Year)
    Total Income people could have earned till date – 6 Lac * 3000 * 6 Months

    Thus Total Commission should be given from Survey by Speak Asia – 10,80,00,00,000

    1000 CRORES! – IN 1 YEAR TIME!

    NOW the biggest question arise – Do companies all together really spend 1000 Crores just for Online Surveys in a year? Ha!

    And if they do and Speak Asia earn so much from these companies, show us the proof.

    • hi deepak,
      already Bata, ICICI , tell that -we have no relationship with speakasia. (from starnews)

      Spam- asia have no registration in India. IF any company required survey and give payment for this – they can do on his won website and give reward directly, there is no requirement of third party. questions are giving so that it is not sufficient information that company can gain. 100% fraud . as possible as tell everybody don’t invest here.

  7. I burnt my hands few months back in a company called “Gold fund”, which supposedly invested in buying physical gold. I invested INR 10000 and was able to get back 8000 back thanks to another person wishing to join in. Hence, I made use of what is called the “Greater Fool” theory to get a percentage of my principal back. The business model of Gold fund was exactly the same as Speak Asia, where a binary tree needs to be created, et al. One fine day, they stopped paying their 4 USD which they promised and i have never heard from them since. Every time my acquaintances ask me to join SpeakAsia, my advice to them is exactly what you said – “If something is too good to be true, better to avoid it”. But, as Bible says, greed is one of the 7 deadly sins. When greed takes over, a man’s mind stops working.

  8. It is really apalling to see such scams taking place in broad daylight. Maybe we should start an online campaign against such schemes. Sooner or later this company is going to shut down and the people at the end of the chain will bear the brunt. Even those who have earned their money back (until now that is) would be tempted to open dozens of accounts for each of their family members and might end up losing a much larger sum in the bargain. You never know when that Skoda Laura might have to be sold 🙂

  9. Dear Hemant,

    Thanks for the insightful write up. I was approached by my bil for joining this scheme. A preliminary study made me feel uneasy with the modalities. You have put things in the right perspective.

    Thanks & regards,

  10. Everybody knows what is happening with fraudsters like Amway, Quest Gold etc. So better stay back in your sofa and enjoy the seen.
    Shinoj

    • Hi Shinoj,

      You rightly quoted Amway – I thing this the best direct marketing(MLM) company till date but still the losers are 10 times more than the winners. They have proper products, good reach, business strategy but still people feel cheated.

    • dont comment if u dont know about amway or gold quest dude…….amway is 2800 cr co only in india

  11. Hi Hemant

    Thank you for your article i knew that this is a MLM scam but still was thinking of joining the company and make some money but who knows that i might be at the bottom of the chain and might end up loosing my hard earned money …so i am not going to join and share the information with all my friends who are planning to join, i know they will not get convinced but will try my best to convince them

    once again thanks for the information

  12. Hi Hemant,

    I read the review first on Moneylife and knew it was scam. Your views are reinforcing the same. Once they reach sizeable number they are sure going to wind up.

    I recall one of the advertisement in TOI on behalf of Speak Asia Lawyer threatening legal action if someone tries to damage the reputation. Such legal threats are empty. Anyway watchout Hemant!

    I recall netizen called Rishi who was supporting SpeakAsia and was arguing in support of Speak Asia

    BTW I am doing apart by educating colleagues and friends not to fall for the scam.

    Cheers

    Atul

    • Hi Atul,

      Be frank I am not afraid of someone puling me to court for this thing – even Shahid Bhagat Singh fought the battle from court. (shayad thoda jyada ho gaya but I am ready for it)

      You are doing a great job educating your friends regarding this. 🙂

  13. thanks for article and insight i hope many people read this.. will forward to all my friends..:)

  14. Hi Hemant,
    This is a really good writing for the common man.This type of scams are regular in todays life where most of the people loose their hard earned money and some persons gain most of it.I can recall one such type of multi level networking chain eBiz called “business” by the people who are doing this.The main thing is same as speak asia.But the worst thing is that my wife was brainwashed by her friend about the easy money but thank god that I was able to convince her not to join it.It took me almost quite a long time to convince her that eBiz is not the good business where one can make easy money.Some time our arguments reached so high level and bad ways that we decided to break up from each other.So my request can you come with a write up on eBiz so that many of us can convince their partners/friends etc with a good way.

    • Hi Sandip,

      I was bit disappointed after reading your story – I don’t think these things should impact our relationships.

      I jumped & searched for this company & as expected it was also a cheater. Shared link on your mail.

  15. sir,
    people are crazing to shortcut for earn money, but i am surprise why the survey company pay the huge amount as every member gave survey and why they pay every company who want to survey they can call survey poll in their own sight without any cost.
    Govt. must check it as it is fraud to misguide the people.
    sunil kumar

    • Hi Sunil,

      Nothing surprising – as Summet rightly said that “Bible says, greed is one of the 7 deadly sins. When greed takes over, a man’s mind stops working.”

  16. Everyday along with my paper I am getting some leaflets.Most of the leaflets use the same language.Make money without moving from your house in your spare time.Good opportunity for students,housewives,retired persons.Can make easily around 25000 per month by just spending a few hours daily on computer.Training provided.Limited seats.Strictly on first come first served basis.Contact immediately on the mobile number given below.So far I have resisted the temptation to call at the mobile number given.I am sure these are all similar to what you have mentioned.Sometime back some of my friends had joined one such company.They had even sold me one kit.Now all of them have left the company.

    • Hi Anil,

      There are so many MLM companies – may be more than total companies that are listed in BSE.

      Yesterday one of my friends told that one PUCNHERWALA from his town started an MLM with some electronic item & made few crores. Now he has closed that & started a new MLM selling real estate land in Jaisalmer. (Cost is Rs 3000 per acre & he is selling 2 acres for Rs 50000) 🙁

  17. One of my friend asking me to join this. But earlier I joined another money making company called WEALTHLINE where I put my eleven thousand rupees & in that company I’ve to joined as many as people below me so that I can earn 10% of money from them when they’ll pay eleven thousands each, but this company has changed their name 2 times in one month. Their is a particular date of a month when you have to transfer your amount into your bank account. But on that day you couldn’t be able to open the site. I am very sure that I’ll never going to get my money back. So I have learnt from my mistake. Its a big fraud. In this kind of business its simple that someones gain is someones loss. So may be someone is purchasing a skoda laura but definitely some people loosing that much amount.

    • Hi Subhajit,

      You said “someones gain is someones loss” – I think only few including promoters gain & rest all loose. And bad part is no one will go to court for Rs 10-15ooo.

      Govt. should do something & DO IT NOW.

  18. Hi Hemant,

    Recently i’ve started reading your blogs & really appreciate your efforts.
    This article on Speak Asia is an eye opener for me & many others.

    I am 26 & planning to start investing, if you could write something about how to start planning for investments.

    Thank You!!!

    • Hi Abhishek,

      Thanks for appreciating our effort – will request you to join “TFL weekly newsletter” & in 1 month you will get all important articles directly in your mail.

  19. Hey Hemant,

    You are advising all your reader that speak asia is a fraud but have you advised same to your uncle.

    • Hi Venatraman,

      Thanks for asking this – I would like to clarify that I don’t advice or manage any money of my family members or friends. When I started my firm – I made this a principle to follow. Even if they ask I ignore or refer them to someone else.

      Regarding your comment – this family is very close to me. And my cousins are very talented – they keep designing my logos & ads that I use at different places. So I wrote one mail to them – even before writing this article. I am sharing it as it is after removing their names – hope this will clarify things.

      Hi C1/C2,

      I don’t know why I am writing this but sooner or later you will realize that speak asia was a fraud. (I don’t want to explain why I feel so but if this doesn’t happen in next 1 year you will be the luckiest people of this world)

      Yesterday someone shared Chachu’s speak asia login password to me & I really felt good that he is earning so good. (and definitely you also) I congratulated him & said I am feeling J 🙂 I don’t want to disappoint you but this is going to dry down very soon.

      My Suggestions:
      1. Don’t push it to your friends as a life time opportunity – I think now it will not impact your speak asia earnings much.(but if something goes wrong it will impact your relationships or put you in state of guilty)
      2. Don’t waste your energy in promoting speak asia – stick to your original plans that you had before joining this. Concentrate on building your career which will pay you for whole life.
      3. Don’t blow up this money – this is not a perpetual stream & you will realize it when this will be too late.
      4. Do FDs in banks – may be you can use it in future.
      5. Don’t buy anything on EMI – this will create a complex situation in future.
      6. Don’t buy new IDs & panels in speak asia – this will be waste of money.
      7. Keep transferring amount from speak asia to your bank account on regular interval – you never know when music will stop.(I know there are some charges in every transfer but end of the day you will realize it was a prudent decision)

      These are my personal views & I don’t want to force them on you. Always keep your head cool while taking decisions.

      Must forward this to Chachu. (I am not having his email id)
      Hemant Beniwal

  20. But few questions arise about Speak Asia Online .
    1. Why they charge for registration from users if they earn from surveys?
    2. Does they Registered in INDIA?
    3. Does they Tax payee of INDIA?
    4. Look like main objective in member chain then survey?

    Thanks
    http://consumerscomplaints.in

  21. Hi Hemant,
    Can I use this post in my blog? We really need to circulate this. This is crazy.

    -Harshal

  22. Hi Hemant,

    I like this article very much . And through this you really make us aware about this marketing gimmick of fake earning source.

    Reagrds,
    Munish

  23. Hi Hemant ,

    Very nice article ,
    This wil help many people from getting cheated
    i know one more similler scheme , its about holidays vacations from country club vacations
    Many people go by big name of country club and its ad’s but they are very big cheaters
    you can search more about them on internet ,
    And main problem here is amount is too big like 50,000 to upto 1.5 lakh

    I wish you soon share some article about it

  24. According to current news on ‘Star News’, Speak Asia proved to be the most untrusted, lier and a big tax thief…………………..we proud to be true Indian, unlike fake speakasian 😛

  25. Pardon me sir, it states the sorry state of Indian mentality. We dont trust recognised mutual funds dont bother to gain knowledge abt them. But very eager to earn shortcut money.

  26. if anything will happen wrong in this company so honestly in future any indian willnot join the any company so have ur dicision is this ur last company and ur first company so director of speak aisa have positive view and keep it up have a nice day sir

  27. ll i get my 33,000 back which i spent on speakasia to get 3 panels on 11th of may 2011???
    pls rply…….

  28. Hello, this is really informative and an eye opener..really!!
    Just two weeks ago one of my friend had introduced me to this company and its scheme, & was asking me to join. I already has some bitter experience with a company before called eBiz..which marketed in online education.. I dont know whether it survives till date or no..
    Once again thank you for the information, i will indeed pass on this to my family & friends.
    God bless. Bye

  29. I learned of this scam when my sister joined. The unfortunate part is that it is friends who introduce you to this scam, so you really can’t hit back/ or give sound advice. I salute mr. Beniwal for his courage and erudite analysis of this scheme. Most imp, this page is not attacked by spams from other SA victims, so this forum sounds intelligble. I would like to add my two cents worth after my own investigations.
    Here is why such schemes seem to work in the short term. I put forth some hypothetical scenarios and explanations:
    1) they pay back only a part of your money. So if you pay 11K, you may get 4 or 7 k. To get more, either pay more, or get friends to join. Since you get them 4-5 friends, that is 55k for the company, they will gladly return your last 4 k. This i gathered from a lot of people who payed 11k, they happily said that they already got 4k in the first 2 months. (and were sure they would get back the rest and more.. although whoever i spoke with did not get the rest.)
    Even if speakasia (SA) profits 4 k, from 10 lakh people it amounts to 40,00,00,000 rupees! (40 or 400 crores? could this be right?)

    2) They pay back to only a percentage of the people. Lets say they pay back the money, or even slightly more to just 20% of the people. These 20% become champions for the company. They just can’t hear anything wrong about SA, and promote it like they own the company. These people can be selected on the basis of how promptly they send back the “surveys.” It is an indicator for their activeness. Active people can also be detrimental to the company, so good to have these on your
    side by paying them.
    The rest 80% will get paid only if they get more “bakras” , and then too, will not receive the remainder. Again, lot of money left behind for the company to enjoy.
    Even if they change the equation to 50-50, they make a lot of money.
    (note: my sister joined in the 33K slot (we are richer, so can afford to be cheated more!). She claims she got back her entire 33K back. Actually, according to my dad, cheques worth 24k were received. She claims she got the rest 9k in cash from another SA dealer. This is obviously a face saving claim, but assuming that she actually got all the 33K back. For that time period, they had kept her 33K and were earning interest on that money. imagine even 1 lack people giving them 33K.
    Now imagine the interest earned. Simply payback the principal (minus registration and other processing costs) and enjoy the cream. This wrong doing too didn’t register to her. What about the work she did for them, where is payment for that?And she is a post-graduate, so imagine the gullibility of others.)

    3) About the Advertisements that are coming on TV. No big deal. Pay some money up front to an ad agency to cover the production cost of advertisement, and start releasing the adverts. The agency gets upto 3 months credit from all the media to pay for the slot or space. This gives enough time to increase the bakra list from 15 lakh to god alone knows how many, because there is geometric progression. At
    the end of 3 months, the agency goes to the scamster company with the bill. But there is no company, cause it has folded. Then the agency goes to the channel and says sorry, it can’t pay cause my company is bankrupt. End of story.
    Same happened with Hometrade too. I’m sure even sharukh, sachin and hritik’s payments were not made. They must have learned their lesson and will now do some homework, but what about the many victims their reckelessness caused damage to.
    Also, by giving money to channels and papers, they are reluctant to expose their Premium Clients through news items! If these ads were coming on StarNews, do you think they would have exposed them so aggressively?

    4) About why the govt. or other victims can’t take legal action. Explanation was given on Star News by an expert. Something on the lines that this is an economic offense and an FIR has to be registered. You cannot log an FIR when the company says that it intends to pay the customer. The police has to wait until that promisory period lapses. Again, this period is intangible. And are they going to go to singapore to do investigations?
    SO cops can’t do anything. If the government takes initiative, it too has to launch a suo moto action, and if it takes unilateral action, then it will be termed as communist and meddling in trade and industry.
    This happens in US too, they kept deregulating, and now they are in economic distress, yet people are against govt. regulation and meddling!
    Has to do something with the brainwashing done by the word “capitalism.”
    Yes, one day a senior policeman/ lawyer/ politician’s relative will get hoodwinked, and then they will do something. Let’s hope this happens soon.

    5) And finally, “picture abhi baki hai mere dost.” The best is yet to come. Suddenly people will be left in a lurch and will want to beat up the promoters. There will be none. They can’t beat up their friends who lured them into the scam. Those friends will plead ignorance saying they are in the same boat. Some rich guy will buy a ticket to Singapore to take matters in hand. Sadly he will not find anything there either!
    Greed and gullibility go hand in hand, but so does revenge and spitefullness.
    But when you are dealing with a ghost, who do you attack?
    It’s good this scheme happened. Because it is a high profile one. This way more people get burned and more lessons will be learned.
    But not for long. Soon greed will erase these memories. A new generation and a new scam will come forth. Don’t be surprised if it is the 6ht avatar of this same company. (they are supposed to have already changed their name 4-5 times.)
    What i personally don’t like is that intelligent people get suckered, and then instead of stopping this company, they invite their less smarter friends to join.
    Sorry for such a long rant.

    Szar.
    Relative and friend of SpeakAsian Victims

  30. So the party’s over!The promoters have been caught with their pants down..I pity those countless fellows who are literally being robbed-off..

  31. Hi..
    Speak asia online exposed in a press conference with STAR NEWS.. No answers with them for the straight questions asked by journalists.. One of the former IT commissioner was going to file a complaint with CBI by today evening..

  32. I am a Speak Asin and have invested 11k . only thing i want to share is All the survey company launched are fake and this is going to lend as a real big scam at the end. I am also a part of other survey co (joining free) and if i compare non paid – survey company survey with these paid survey (speak asia) company. survey its totally different. Actual surveys require target audiance – eg if i get survey for beauty product – i select gender as Male – the survey should not proceed further coz why the hell will a beauty product co require openion from Mens …. but this is not followed in speak asia neither in ram survey – so the survey for which they are paying is fake – This is nothing but a good way of turning black money into white.

  33. Hii all..
    Speak asia online is nothing but another fake scheme .. I do not understand why people do not implement common sense while joining such things.. there has to b a logic.. its not good to go blind seeing such flashes which are actually illusions.. speakasia on the contrary, is doing a great job in fooling people.. 2-3 of my friends were pressurizing me to join it but I denied.. personally I feel that such concepts of money making are for people who have actually lost confidence in themselves.. I mean, come on friends, there are hell lot of other creative things to do .. “Speakasia is the new Red”.. wat is it.. just a trend n all start following.. one should make his/her own ways .. so, friends plzzz stay away from such scams.. soon curtains will rise !! I hope.

  34. I knew it, but still want that all this will continue some more time as many of my frnds invested their hard earned money. 🙁

    really sad for all those people who have to suffer.

  35. Yet another FRAUD brewing up. Singapore, America, India, timbuktoo company registrations really don’t matter … frauds can take place anywhere. Didn’t Madoff do it in America? PONZIE scheme are all FRAUDS.

    This is a sheer FRAUD when Google is struggling to get revenue from simple thing like Online Ads (and trying to lure new advertisers through free stuff) do you this this so called survey crap will be genuine? Indians are master at this MLM Frauds.

  36. I had invested in speak asia around 70000 and till date i get 16000 but now in this crucial situation of company fraud how long it will run, means if company don`t prove itself how long this matter will run or company will be banned by legal authorities. I think u understand wht exactly i want to said

  37. Hi,

    I have gone through vaious comments on Speak Asia and other companies in this forum. Actually problem is that we Indian think from our heart not from Brain. In todays competitive business era which business is going to give so high returns.
    If some some company promises you for high returns- now you have to think how they will make money and share fruits with you. No company is that fool that they will pay from their pocket.

    Please forgive me if said anything wrong.

    Regards / S.Mallick

  38. Hello Dear Friends

    Its not just abt Speak Asia but there are other small players also viz. Ram Survey & Al Gulf Net

    Does anyone have information abt their fradulant plans ?

    If yes plz share the same here….

  39. This is an excellent article and would prevent people from getting into NO SO REAL WORLD. Thanks.
    Note:I would request you to kindly avoid picking up a state for a making the point.

  40. is what then also many Cm in the corporation recognize of himself no matter how can they work but important to find in the intimidate of the service and quality of products as well .

  41. Hi Guys,
    This is a good effort to expose the modus operandi of Speak Asia. Though I personally warned my blog readers a month back about these events. And that time I even used to get threating calls from people for talking against Speak Asia.

    I wrote this on 27 April 2011 –

    Speak Asia – Another MLM Fraud or Legitimate Survey Company?

    India is full of opportunities! Someone said it once but my own version to this statement is India is full of Opportunities for Cheaters specially on the name of MLM System.

    Sometimes I just wonder what has happened to the great educated middle class of India, Can’t they just make a difference in a Legitimate or Fraud Business? It’s actually a matter of Shame for us Indians that any tom, dick and harry can come with their crook ideas and we start shelling our hard earned money out to them!

    Now to cut the story short, analyse this trend – (Leaving Product Based Companies)

    Cheater’s/MLM Fraud trends in India –

    In 2001 – Online Education/Webspace
    In 2004 – Term Insurance Plans (Cost Rs. 30 per lac and they charges Rs. 3000 for it)
    In 2007 – Capital gain Insurance Plans (In which companies got 90% commissions and customer lost it all)
    In 2009 – Gold Jewellery’s or Gold related schemes
    In 2010 – Investment Plans/Share market/Forex – Some even offered 5% per day – Bullshit.
    In 2011 – SURVEY

    Wait for the next……

    Questions to Speak Asia Promoters and MLM Leaders –

    1- Why do they charge Rs. 11,000 for become a Panelist? When there are more than 100 companies offering this for free.

    2- I challenge to SPEAK ASIA DIRECTORS to show us the proof of their Earnings from the Survey Business. Which companies have paid them the money for the surveys conducted by so called 11 lac panelists and how much? Is it equaling to the worth of commissions you have distributed again surveys. You can upload your proofs here or post it to your official website.

    3- You are paying in Dollars for research and surveys, Are you accredited with –

    Council of American Survey Research Organizations – CASRO
    American Association for Public Opinion Research – AAPOR
    4- I can add 20 more questions to support my point of view but if we get the answer of question no. 2, it can clear all the ambiguities.

    Future of Speak Asia –
    Since they already have made millions, now they are trying to save their a.. by publicizing themselves in Media and now they will try to change the Image of the Speak Asia by organizing fairs n all. And they might change the plan also. Or like other run away companies they will also be packed soon.

    Appeal to all Ethical MLM Leaders –
    Till the time you get the answers of these questions, don’t work or promote Speak Asia. You will loose trust and friendship of your loved ones.

    Waiting for a response from Speak Asia!

  42. well, earlier they said star news was biased against them.
    now CNN ibn also reports the news in a negative light.
    You have to hand it to speakasia though.. they launched an appeal against the SC .. .of INDIA.
    the accouts are blocked by Singapore. They should have launched the appeal against singapore.
    Indian govt. (corporate affairs) has already stated that it cannot take any action against this company, as it is not registered here.
    cheers, regards, and be safe.
    Be an avid reader and followers of such sites (TFLGUIDE.COM) that teach you against financial frauds.

  43. hi ,
    i m chetan. i wanna join this team. but i m not having tat much money. so is there any1 who can afford me the amount and i ll work for them. and wat ever the earning ll come, i ll give half of it to them.. i had seen some1 offered to pay n get half of the earning, but i dont remember d blog n now i m not getting tat same blog..
    so if any1 is ready, pls do contact me at
    [email protected]

  44. समझदारी के आज के युग में मूर्ख रह जाना सबसे बड़ा गुनाह है।

  45. Hi Hemant,
    1 of my friend said , he joined SA it is good we can get back our money in 5months by using binary tree option and suvery’s, i asked to show me the sample survery , it is abt the TV which u like ….dont u think it is very silly 🙂 survey …hahahah……asked my interest..i said i cant afford 11k and also not intersted in Man Loosing Money schemes, i better invest 11k in Market i can exepect something.
    So, Man Loosing Money schemes will comes to india bcoz, they know Indians can easliy convince for short-term heavy money, they can easily create binary trees……..
    Friends dont encourage others..
    thanks to Hemant and all sharing there views.

  46. The ads were very intriguing when they first appeared on TV – just enough to pique your interest but not enough of a give away.
    Later when I heard about the scheme, the first thought that came to my mind was…”Man, this sounds a lot like Amway!”
    A pyramid scheme, that depends on your greed to keep it going.

    • Dear Vatsa,
      Speak Asia was not even a Pyramid Scheme, It was a financial scam under the hood of MLM.

      But I differ from your point of view that Amway is a Pyramid Scheme. Though I am not into Amway business but I would like to clarify here that Amway, Herbal Life, FLP, Tianshi and many more companies are there which are actually doing the wonderful job of providing the business opportunity.

      The only problem comes when we start thinking that by purchasing products worth 5000 or so…all can become millionaire. The success rate of people who do MLM business is less than 5%. That’s because less than 5% people only share the business opportunity with others.

      Stay Blessed!

  47. i am really impressed with the writing tallent of this person… these questions will remain unanswered… … good job buddy… 🙂

  48. nearly 5 month back i joined as a penalist in the Speak asia but till today i did not recieve a single panny. Company claims very big comittment but seems fullful nothing .
    i was hoping that some day i would get somthing back but these days site are not opening properly and leaving behind frustration and angar.

  49. Hello Friends,

    Its about time now that we need to thank Hemant again because I just saw the news today that Speak Asia has been caught as one of the biggest scams ever. Some of the people have been arrested and some officers have ran to dubai. Over 12 lacks people have invested in Speak Asia. Hemant has already written an article on this few months back on how speak Asia operates and he warned against investing in such schemes.

    So Hats Off to you Hemant once again.

  50. I wounder people are still investing mony when they have mentioned in the site that it is not guarnteed. Besides my friends are realizing now. It realy work like a pyramid and the baseline always suffer. One of my friend was doing the same and had involved so many colluges in this ponzy business. Now he is not able face his friends when thy are asking him about there mony. SPEAK ASIA IS A SOICAL LIFE DAMAGER BEWARE OF IT.

  51. Kyon?
    ho gaya na?
    But can someone please explain the LCD Tv angle.
    Its been on TOI, half page ads stating that SA is selling LCD tvs..
    they are obviously trying to explain their business model.. but how will this help?
    I/m following this story keenly.
    thanks for any help.

  52. Hello Everyone,

    This speakasiaonline company is seems to be fraud, they and their representatives
    tells a lot but which cannot be trusted… so this is a time to get together and launch a case against company???

  53. I do not understand who is the company pays Speak Asia to conduct survey (too costly survey). Speak Asia says they has 20K panelist. For a one survey speak Asia pays 10 dollars to panelist. Now if you calculate total cost of survey it comes to 2,00,000 lacs dollar. I do not understand this survey really makes sense. Do any company really pay this much amount to conduct survey? 2 lacs dollars Speak Asia need to pay to its panelist. There must be some margin which company keeps. I am a panelist at present.

    But the idea of Speak Asia is not digestible.

  54. now tarak bajpai is arrested and police asked him that ;
    1: how much amount is there is speak asia’s a/c. ?
    2: is that money safe ?
    so i just want to ask that police has cought the company with the money in its a/c,so will the govt. give that money to panelists or we don’t have any right on that money ,,all the money will go to govt’s a/c . ?
    pls tell me

  55. All well said about Speak Asia MEGA SCAM. Now get ready for another one coming all the way from UK and it is said (need not be true) that after 16 countries they are making a grand entry into India. And they are called GlobalTradesUK. They are registered in UK and are supposed to be stalwarts in Forex trading. They offer you a slurrpy 2% per day return for 100 days and not just that they give u back your principal amount in 50 days. WOW, how they use their sinister ways to convince you to make believe in all that they want you to believe & ZUPA!!! this never crosses your mind… IT’S SO SWEET TO BE TRUE? All you need to do is get hooked into it for once. And before you know it, you’d realize you are the best HOOKER around. SO Guys & Gals BEWARE.

  56. I am so unfateful to not have come across TFL before. I heard of SA and kept myself away from it, but then when people whom I stayed with started earning handsomely I got a 2nd thought in my mind ( the dialogue from “No one killed Jessica” : that we always sideline the most reaping investment plan or a most sensetive news bit because we think its not worth: played the trick). i become a panelist(member). the biggest mistake i ever did with my finances. And SA got into mess and stopped paying the next month itself.
    But this was a lesson I will learn in life and with someone to guide now, I will always follow the basics.
    Thanks Hemant, its late for me, but its something that will make me cautious ahead.

  57. I invest speakasia .but now I not get one rupees .Now cannot able to login …………………great chitter…

  58. Thank you all for posting so many financial scams happened, happening in India. I will never blame the ordinary citizen of this country, because:
    1. The authorities like, MCA, ROC, ED, CBDT, EOW….etc are not sincerely doing their job.
    2. Companies like nano excel, tycoons empire, royal life, monavie, rmp, rcm amway all of them ensured legal clearance from MCA and ROC. RBI clearing payment gateway.
    3. almost all companies which complied with legal certificates, ISO certificates, PAN etc
    4. These are the companies which bombed first ripping off huge public investments – how much went into the pockets of authorities..?
    5. Arrest and Freeze the account of the official who signed registration letters, they are in fact the kingpins of these scams.
    6. What prevented these Indian watchdogs from putting in place tough rules n regulation along with average expected business done * 6 months into Escrow account.
    7. Now, lets talk about speakasia – 15 months our smart investigators along with armchair journos have investigated and failed to raise one single credible FIR….?
    8. Instead of allowing the company make the pending payout to lakhs of people….all the so called puppets of politicians are tactfully presenting the case in Supreme Courts to get it adjourned after each and every hearing.
    9. I am one of those fortunate or unfortunate people who associated with speakasia. I welcome to put all those behind the bars if found guilty (or shoot them at point blank).
    10. These authorities, along with Supreme Court Judges must be seen as protectors of myself, my family and likewise lakhs of people. But, there are some hidden agenda for tactfully delaying the verdict.
    11. I AM FOR ENSURING FREE AND FAIR INVESTIGATION LEADING TO HARSH PUNISHMENT OF PROMOTERS WHICH WILL BECOME DETERRENT.
    12. IN CASE, YOU FAIL TO PROVE THIS COMPANY GUILTY AND FAIL TO ENSURE JUSTICE TO US BY ENSURING PENDING PAYMENT ASAP.
    13. IN CASE THE MANAGEMENT TURNS OUT TO BE INDEED A VICTIM OF POWER-POLITICS AT PLAY,
    14. I WOULD APPEAL ALL THE INDIAN’S TO SEEK THE ARREST AND HARSH PUNISHMENT SO THAT IT BECOMES A DETERRENT – RBI, MCA, ROC, EOW, CBDT, ETC…PUT ALL THE INVESTIGATING OFFICERS FOR HOODWINKING HONORABLE SUPREME COURT – WHO WAS MADE TO LOOK LIKE A BIG FOOL.
    15. I WOULD REQUEST TO BAN THE ARMCHAIR JOURNALIST FOR LIFE AND THROW INTO JAIL FOR MISLEADING THE PUBLIC.

    Am an Indian first, other designations or adjectives are last and least priorities. I appeal to all of you to expidate the judicial process and kindly allow justice without any more delay or accept SURRENDER and EXPOSE those politicians who are your real bosses.
    Put all the officers of Speakasia into cell for life. Be a man, not a Eunuch.

    I prefer to be called myself from the land of Chanakya, hope you will not any other thoughts cross my mind.

    Regards

  59. All in All a good article.

    The biggest difficulty I faced while going through the comments, is there is no DATE mentioned , so its really hard to understand when the comments were posted.

    Its been almost 1 & half year now to this post, and I found one more interesting link from last year activities, for those who are interested.

Comments are closed.