SpeakAsiaOnline fraud maybe over 8000 Cr.
SpeakAsiaOnline is a survey driven company having a web portal through which it gets survey done from its payed registered panelists. Each panelists use to pay 11000 for becoming a premium panelist of the web portal and in return the company promised to pay 10$ for every survey completed. This company has managed to make 19 lakh members in every corner of India, taking money from them and making them a premium panelist and providing training to them as well on how to take the surveys.
|SpeakAsia News on Star News|
Company was running successfully with increased market presence through various ad campaigns( television ads during World Cup), and successful organised GENX Bazaar in GOA until Star News showed a special programme on the company alleging it to be a fraud and ponzi scheme. Since than its been a war between SAOL and media and other organisations who joined hands with the irresponsible media of India. SAOL never tried to run away, they always tried to clarify their business model to the media but the media always twisted the words of officials and made it a source of their income by increasing their TRP. SAOL has always said that they are not afraid of any investigations against them because they haven't done anything wrong, they also said that they are in compliance with the Indian laws for their kind off business. But the media always tried to put SAOL down even after the clarifications from company officials. In reply to this SAOL filed a case of defamation against media for damaging their hard earned image and business.
|SpeakAsia News on CNN IBN|
With all these incidents happening here in India the company's bank accounts in UOB bank Singapore were closed without any prior notice which hampered the normal business activities of the company. As a result of this all the payments to the panelists were put to halt unconditionally. With all these going on and various news coming like SAOL applying for registration in India and so many new changes, almost 3 months passed. Now the Economic Offences Wing(EOW) of Mumbai Police has taken 5 company officials into custody regarding the investigation about company operations. The officials who have been arrested include company COO Mr. Tarak Bajpai with technical head of the company. This news bringing down the hope of the panelists who were hoping to get their payments till this months end. Various news agencies are reporting that it can be a bigger scam or fraud than the people are thinking of it to be. Times of India reported that SpeakAsiaOnline fraud maybe over 8000 Cr. . All types of negative news has been going on in the media. Star News reported that the company CEO Mr. Manoj Kumar has ran away to Dubai, but proving the news false Manoj Kumar sent an email to all news channels informing them that he is out of country because of business purpose and will be back in India within 10 days. He also had a web cast for all the panelists to inform them about the various activities happening with the company and assuring them that the company is here to stay and will stay because it has done nothing wrong. This strong message from the company CEO was a morale booster for all the panelists who were being affected by all the news going around them.
SpeakAsia CEO Mr. Manoj Kumar addressing all panelists
All that the panelists want is their money should come back and all of them are showing strong faith on the company and they want the company to work in India like before providing them a way to earn and be independent consumers who are empowered with their opinions. Hope that the truth may win and the panelists money gets back to them in any case.