Speak Asia - The latest get rich too soon
Printed From: The Equity Desk
Category: Welcome- Have you registered on our mailing list?
Forum Name: Lounge - Great place to sit, relax, refresh and enjoy !
Forum Discription: Introduce yourself or welcome new users here, celebrate birthdays, events and other greetings. Don't miss out a chance to make someone smile.
URL: http://www.theequitydesk.com/forum/forum_posts.asp?TID=3253
Printed Date: 19/Apr/2025 at 3:26am
Topic: Speak Asia - The latest get rich too soon
Posted By: basant
Subject: Speak Asia - The latest get rich too soon
Date Posted: 28/Apr/2011 at 4:16pm
A very strong argument for the people in the get rich too soon bandwagon.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Replies:
Posted By: Kabootar
Date Posted: 28/Apr/2011 at 4:20pm
|
Does it involve pyramiding, ie referring new members and earning commissions for the work they do?
If yes, then avoid like the plague. ------------- Verbal diarrhoea! A most deadly disease. |
Posted By: rinkumalpani
Date Posted: 28/Apr/2011 at 5:03pm
..I heard about it a year or so back..many people whom i know are a part of this and swear the returns are gud..but i ne'er paid attention cause i did not understand the concept much nor cud i convince myself.. |
Posted By: bitu1978
Date Posted: 28/Apr/2011 at 5:27pm
It is Pyramiding Scheme only .The Kind of Survey they offer are ridiculous . None of the Survey's are related or promoted by any Company. Basically every month they offer two survey and for every survey they are supposed to credit 10 Dollars to your account. In addition if you are able to get new member you get 20 dollar for each member. The questions in survey are funny types .Like the last survey was on IPL and what is good in IPL/which team you know and Blah blah.or one survey was about which business magazines you read? Now the catch here is that in Order to get that Money Credited to your bank Account you need to pay Rs 400 handling charges on every 10 K. so people get greedy and they let these Speakasiaonline fellow keep the money in this Virtual Account and instead Collect the same money by cash from a new Bakra(read member).and thus one new member is added. How do i know this ? My brother in law came with this fantastic Idea to me 6 months Back and I had a heated argument with him on these get well rich soon schemes. But he didnot listened and has joined membership and because of him atleast 7-8 more relatives of mine have also joined .I have been telling him to withdraw whatever he has deposited there but guess he will only understand once the Company Goes Kaput.It is Ironic that the same relatives consider my interest in Share market as pure gambling but are Happy to Invest in such Pyramid Schemes. One More thing I have been Filling these Useless Surveys for my brother in law. As he is travelling Frequently and I am Still unable to figure out why on earth any Company will pay 500 Bucks for such a useless survey to every individual? |
Posted By: hit2710
Date Posted: 28/Apr/2011 at 8:24pm
|
Looks like the Nigerian Uncle scheme sent by the truckloads to email accounts. Money left in your name in a specified bank account and contact the sender to start the proceedings for unlocking the money blah blah.
I even saw an episode of Tarak Mehta Ka Ulta Chasma wherein the character of Bhide falls for the scheme and lost money. This was a good attempt by the serial people to educate people. I think people never learn from past experiences. ------------- Stockmarket is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart. |
Posted By: Jaishrikrishna
Date Posted: 28/Apr/2011 at 8:38pm
|
Yeah, Even i heard this, quiet amazing, how people fall prey to such schemes, A friend of mine in my building does the same thing and is quiet happy, he was trying to make me a member, for that he even showed me his bank pass book, where the money had been credited......I SAID NO.
I can only show him and others who are putting in time for a ponzy scheme is this: 
And once its too late then this:  ------------- Don't Buy and Hold, Buy and Homework / Fish see the bait,but not the hook; Men see the profit, but not the peril. |
Posted By: Gurdial
Date Posted: 28/Apr/2011 at 8:51pm
|
Only last month heard of Rs 1000 crore Stockguru India Scam where around 2.5 lakh people were duped of their hard earned money. The company promised a return of 20% per month and after 6 months they would get back their principle. Encouraged investors to get more people to join the scheme, enticing them with fat payouts etc. In the end company shut shop after 9 months.
Just amazing how can people fall for such scams. ------------- To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game. |
Posted By: master
Date Posted: 28/Apr/2011 at 9:14pm
Wonderful! This is the behavioural pattern of a crowd - not seeing the obvious. ------------- Someone’s sitting in shade today because someone planted a tree long time ago. |
Posted By: jagbir
Date Posted: 28/Apr/2011 at 10:25pm
|
Such pyramid/MLM schemes remind me early days (2001) when a similar scheme called as Sunrise or something emerged where members required to do typing work to format a text file properly so that it can be imported in Microsoft Excel. They told that the data is from high court and they have the contract.
They promised members of regular supply of raw data in floppies and payment per floppy after completion. apart from this.. members can earn handsomely by introducing new members as volume of data is very huge. At that time I saw a mad rush of people becoming members by paying 8k in advance. Being in software industry I wondered why the hell they can't develop a software which will automate this simple job work. I advised few relatives to not be a part of this scam but in vain. I even saw some shops recruiting peoples to do this typing work.. 
I sensed an opportunity, created one program in C which take raw data from floppy, format it per requirement and put it again in floppy. I sold that software to few people and a shop and earned around 20k in 15 days. 
After 1 month we came to know that company is vanished. Don't know about friends/relatives but I lost a big market for my software. 
------------- I find that the harder I work, the more luck I seem to have. |
Posted By: rishirich87
Date Posted: 28/Apr/2011 at 10:40pm
| i would like to share my experience...........i know many people(not few) who are making money and have made a large sum from speakasia........i myself is there in the list.......as far as u r earning money wat is the harm.....u have to just put at stake ur 11000 bucks |
Posted By: basant
Date Posted: 28/Apr/2011 at 11:37pm
|
This is a Ponzi scheme, always ends in tears. Making money from such schemes is neither easy nor simple. There are no easy ways to get rich in life, even if one makes some money he will be compellled to put up all of that and a lot more so ultimately he will be cash flow negative to the maximum of his ability (registering more and more members) till these schemes go bust.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: ramsey123
Date Posted: 28/Apr/2011 at 9:58am
|
Check our the public notice issued by SpeakAsia in today's TOI - PUBLIC NOTICE It is hereby informed to the public at large that our client SpeakAsia is a reputed and trusted name in India and is known to create a community of of well informed proactive consumers for promoting sales of various products and services. Our client has created a strong online community of digital panelists who are consumers of goods and services of product companies based in and across India. Our client SpeakAsia Online Pte Ltd., is a company, duly registered under sections 175 and 201 of the Singapore Companies Act bearing Company Registration Number: 200618809D, having its registered office at 10 Ubi Crescent, # 07-68 Ubi Techpark, Singapore - 408564. It is observed that certain institutions, groups or individuals who do not feel happy with progress of our client, have been spreading baseless rumors against our client and have also been circulating SMS's and e-mails which are detrimental to the interest of our client and derogatory to its reputation. People at large are warned to beware of any aspersions cast by such persons or any publication or SMS circulated by them in the market. Our Client is contemplating serious action, as may be advised under law against such wrongdoers. Anybody coming across any such publication and in receipt of any such SMS containing such allegations is requested to ignore the same but bring them to our notice and in case of any ambiguity/doubt about the workings of SpeakAsia, kindly do visit the website of the company at http://www.speakasiaonline.com - www.speakasiaonline.com . Gunjan Gupta, Advocate (For A.K. Singh & Co), Advocates, Solicitors & Consultants, Bungalow No. G-16 Saket, 2nd Floor, New Delhi - 110017. |
Posted By: Kabootar
Date Posted: 28/Apr/2011 at 10:15am
|
Hoho... where do I start?
Why is it a society registered in Singapore and not in India? Can such an entity do business in India? Why is there so much ambiguity about its line of business? These questions can be applied to almost all Ponzi schemes... ------------- Verbal diarrhoea! A most deadly disease. |
Posted By: Arjun_BC
Date Posted: 28/Apr/2011 at 10:41am
|
There are valid Online surveys that pay you money. My friend's wife in US used to fill these surveys and get few dollar checks in the mail. But as for SPEAK Asia seems to be too dramatic..These guys come across as more of Actors and Politicians and less of businessmen..When someone is trying to be too loud and too animated...you may wana be careful. ------------- -Kaizen |
Posted By: ash7979
Date Posted: 16/May/2011 at 8:03pm
|
Have you seen their advertisements..like chhote shaer main rakkha kya hai...like that...they are just luring ppls from small town who are so naive to understand the hidden intention...As those ppls maybe not aware about these schemes...I dont know why Indian govt allowed such companies to operate in India & loot Indian naive & innocent ppls:( ------------- Fear can hold you prisoner. Hope can set you free.... |
Posted By: subu76
Date Posted: 16/May/2011 at 8:43pm
This one is really funny......but it seems they've a lot of money...saw a lot of ads during the IPL......things like "Be proud of being a Speak Asian" 
|
Posted By: master
Date Posted: 16/May/2011 at 9:14pm
|
There was a news report on cnbc awaaz today cautioning viewers against this company, following their press meet. ------------- Someone’s sitting in shade today because someone planted a tree long time ago. |
Posted By: Gurdial
Date Posted: 16/May/2011 at 10:07pm
|
Sucheta Dalal in Moneylife exposes Speak Asia.
http://www.moneylife.in/article/the-speak-asia-money-trail/16451.html ------------- To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game. |
Posted By: ash7979
Date Posted: 16/May/2011 at 11:03pm
Have you read the comments from various ppls on this article, until unless these comments has written by Speak asia ppls themself..its looks like GOD ONLY SAVE such greedy & Idiot Indian pppls... ------------- Fear can hold you prisoner. Hope can set you free.... |
Posted By: NeerajMarathe
Date Posted: 16/May/2011 at 1:16am
|
As i understand, their basic 'package' requires a 'subscription' of 11000 bucks..and there are bout 8 lakh subscribers already..
even if we assume that ALL the people have subscribed to the basic package, thats about 900 cr collected! and their base is increasing at the rate of like 1 lakh ppl a month!!! man..ppl r gona lose bigtime when this one crashes.. ------------- Regards Neeraj Marathe |
Posted By: Khan
Date Posted: 16/May/2011 at 11:07am
|
I saw in the newspapers that they had a huge promotional event in Goa supported by the Toutism department of Goa and had Bollywood personalities for entertainment. ------------- If you do what you've always done, you'll get what you've always gotten |
Posted By: gbhupesh
Date Posted: 16/May/2011 at 11:32am
|
What disturb me that people know that it is fraud and still become part of it, thinking and convincing other (under chain) that they will be able to recover 11k before company goes burst.
Why people become part of a company when they know it is a fraud? looks like a game people play with 11k. |
Posted By: RSS4245
Date Posted: 17/May/2011 at 12:18pm
|
As per latest update speakasia is making a profit of 15 crores on a daily basis. ------------- FUNDOOSEARCH |
Posted By: ash7979
Date Posted: 17/May/2011 at 12:29pm
That means 450 Cr/ month & 5400 Cr per year..Its hard to believe or I would say it can not be TRUE.. ------------- Fear can hold you prisoner. Hope can set you free.... |
Posted By: drsatish91
Date Posted: 17/May/2011 at 2:48pm
True .. Few of my Friends saying assume that you lost 11 k and become part of it /.. lol .. i told him rather i would invest in any listed company and will learn at least sumtnig out of it .. why shd i fill forms for other .. i can devote that much time to read discussions here on TED .. ------------- Dr.Satish M Jethwani |
Posted By: master
Date Posted: 17/May/2011 at 8:15pm
|
Speaking from another asian country - Has the endgame begun?
http://www.daily-sun.com/?view=details&type=daily_sun_news&pub_no=115&cat_id=1&menu_id=10&news_type_id=1&index=6&archiev=yes&arch_date=01-02-2011 - Link ------------- Someone’s sitting in shade today because someone planted a tree long time ago. |
Posted By: Stock369
Date Posted: 17/May/2011 at 10:55am
|
Well, I am a part of this company. To be honest, never really wanted to be a part of it, but due to the constant appeal by my neighbours, & also after watching the ads in ipl, I decided to give it a try. I obviously have a strong feeling that it would disappear anytime soon, but after watching its ads I thought that it would atleast stay for around 6 months to suck more money from india. And by that time, my money would be back. I know I am gambling money, but thats what I love to do :D
But after watching the press conference it held on 16th, I am now almost sure that it is a fraud company & would vanish soon. Why would any company ever pay rs.500 for just making a single person view ads or do survey if they can do it on a very much cheap basis by giving their ads on TV. I am also a part of ram survey, another big emerging survey company in india. Obviously I expect both to turn out as frauds, but don't know when. And thats why I have my money there :D |
Posted By: ramsey123
Date Posted: 18/May/2011 at 2:02pm
I know that it's your money...but that's pretty shocking boss. Good luck.
|
Posted By: Circuit
Date Posted: 18/May/2011 at 2:40pm
Why don't you keep your nick as Gamble365 instead?  (Just kidding)------------- Fundamentalists and anticipators may have difficulties with risk control because a trade keeps looking ‘better’ the more it goes against them....Ed Seykota |
Posted By: jagbir
Date Posted: 18/May/2011 at 3:06pm
so let's say it will stay for few months and by taking surveys/referring friends you are able to get your money back. Then it will disappear and all those you have referred are in dark and scolding you. My point here is that you are in right place only if you don't care about them, their relationship with you and willing to teach them a lesson so they always suspect you in future for such things. Remember, Money might make you wealthy, but friends makes you rich. There are plenty of other ways to enjoy gambling without jeopardizing relationships/friendships. ------------- I find that the harder I work, the more luck I seem to have. |
Posted By: ash7979
Date Posted: 18/May/2011 at 3:19pm
Golden words...Jagbir sirji Dil khush kar diyaa apne...This selfish attitude of ours is not taking us to anywhere..like mera paisa to wapas aa jayega doosro ka doobe to I dont care(Even when dosre are your Family & friends).... ------------- Fear can hold you prisoner. Hope can set you free.... |
Posted By: basant
Date Posted: 18/May/2011 at 3:22pm
|
Excellent thoughts.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: rinkumalpani
Date Posted: 18/May/2011 at 3:30pm
|
so let's say it will stay for few months and by taking surveys/referring friends you are able to get your money back. Then it will disappear and all those you have referred are in dark and scolding you. My point here is that you are in right place only if you don't care about them, their relationship with you and willing to teach them a lesson so they always suspect you in future for such things. Remember, Money might make you wealthy, but friends makes you rich. There are plenty of other ways to enjoy gambling without jeopardizing relationships/friendships.[/QUOTE] ..i agree..it takes years to build good relations, but minutes to spoil them.. |
Posted By: Stock369
Date Posted: 18/May/2011 at 5:53pm
Thanks man, I know I shouldn't have gave them the money in a hurry :( |
Posted By: Stock369
Date Posted: 18/May/2011 at 5:55pm
|
Hey guys common I am not such a greedy & stupid person to make my friends & relatives to invest in these companies...Obviously not !!
How can I spoil such good relationships for just a few bucks...Never !!! |
Posted By: Stock369
Date Posted: 18/May/2011 at 5:56pm
Haha nice idea... |
Posted By: ash7979
Date Posted: 18/May/2011 at 5:57pm
Chalo Der aaye durusat aaye...At least you have realized that you had made mistake... ------------- Fear can hold you prisoner. Hope can set you free.... |
Posted By: Stock369
Date Posted: 18/May/2011 at 6:02pm
Yes man, not a good thing to get behind those get rich quick schemes. I am not regretting for my money, but for supporting such companies :( |
Posted By: Ravenrage
Date Posted: 18/May/2011 at 12:26pm
|
If you have learnt your lesson , please spread the word . I tried calling the biggest local news channel , Star Ananda and told them to cover the story . They told me , they would cover it after they have some witnesses . I replied that Star News has already covered this . To that they told me they would cover it soon and are looking into the matter . Also , Teddies , who might have friends in the media , might help .
Please go through the http://www.moneylife.in/article/how-to-avoid-get-rich-quick-schemes-and-scams/16522.html - Link |
Posted By: Stock369
Date Posted: 18/May/2011 at 10:38am
Thanks for the info...I haven't tried withdrawing any money yet...Once I find out that they have stopped giving out money, I will definitely love to spread the word...Cheers
|
Posted By: Ravenrage
Date Posted: 18/May/2011 at 11:00am
| I find a Gandhi quote very apt here : " This is a post dated cheque on a failing bank ! " |
Posted By: basant
Date Posted: 19/May/2011 at 12:46pm
Excellent. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: Stock369
Date Posted: 19/May/2011 at 1:45pm
Nice man, Simply awesome :) |
Posted By: atulbull
Date Posted: 21/May/2011 at 8:30pm
http://www.moneylife.in/article/speak-asia-can-withdraw-surveys-anytime-says-its-legal-advisor/16612.html - Speak Asia can withdraw surveys anytime, says its legal advisor  Senior lawyer Ashok Saraogi has said that since Speak Asia is offering reward points for filling up surveys as an additional benefit, it can withdraw these if its contracts with its clients ends. Notably, not a single official from Speak Asia was present during the press conference called by its legal advisor in Mumbai
------------- Price is what you pay.Value is what you get. |
Posted By: Ravenrage
Date Posted: 28/May/2011 at 4:29pm
 
From a news letter on their website : Dear Fellow Speakasians, Together we have worked very hard, night and day, to build a Brand, which has positively transformed the lives, of Lakhs of families across India in less than ONE year. There are so many heart-warming stories of personal triumphs and financial successes amongst the 19 lakh panellist community all across India already and we are poised to take the Brand into its India based operations phase. This was achieved by our investments in IT systems/Infrastructure along with the pride and passion of Panellists and our Sales and Support staffs in India and Singapore, who are inspired with the Big Vision of creating a Global online business model FROM India and very soon becoming Asia's largest sovereign panellist community of empowered consumers. The vicious media disinformation campaign, prompted by business rivalry, started at the closure of the successful and unique GenX Bazaar, on 11 May 2011. We responded by proactively reaching out to the various Indian Govt. authorities, including the PMO on 15 May 2011 by email, requesting a thorough investigation into our business. This is to satisfy the authorities that the company was properly looking after the interests of all SpeakAsians, be it our Panellists or hardworking staff in the field. Our proactive action, is keeping in mind YOUR business interests, forever in the days ahead. It has been brought to our notice, by our banking contacts, that despite the fact that authorities, have not replied to us formally or responded to our emails/letters of 15th till date, unfortunately, some Banks have temporarily frozen accounts of our India based agents. Due to the media noise, on 25 May'11, UOB Bank at Singapore has also pressed us, for closure of our 2 Bank accounts within 2 days, without giving us the chance to present our case or even listen to us. Please note, in order to set up a seamless International Banking Gateway like the one at UOB Bank, takes at least 6 to 8 weeks of interbank and managed IT infrastructure coordination and implementation. IMPACT: All the payments processed by Speakasiaonline between 13 to 20 May 2011, have been held up because the TT's have not been sent from Singapore to India, by the UOB Bank. On enquiring urgently, they provided us with a closure letter dated 25 May 2011. Please be assured, that the Account Balance at Speakasia's UOB Bank accounts, is for and behalf of our Panellist, Vendors and Staff. Whilst ALL the payments due to our Panellist community, is banked at UOB Singapore, nevertheless we have also urgently requested the UOB Bank and our law firm, to move the UOB Bank balance on the closure date, into a new Bank account or a Client Escrow account, to be held on behalf of the Panellists, Staff and Vendors of Speakasia ; An Escrow account would ensure certainty along-with the law firm's supervision that the panellist money is kept for your benefit and stand the scrutiny of any authorities. (An Escrow account is an arrangement where an independent trusted third-party (bank) receives and disburses money and/or documents for two or more transacting parties, with the timing of such disbursement by the third-party dependent on the performance by the parties of agreed-upon contractual provisions) Due to these banking account related actions we have been FORCED to temporarily delay our normally prompt payout cycle, pending set up of new banking operations and clearance from the authorities. NEXT STEPS: We are moving to the Supreme Court against the govt. Authorities and concerned Banks, for taking this SUO MOTO (without asking for clarification) action, without paying any attention to the interests of our Panellists, Vendors and Staff and their families; We are prepared with all records, for submission to the authorities, if and when they communicate their requirements to us. Also we have written to them asking for an appointment to explain our case. This has been a most disrupting experience for us ALL and we are MOST concerned about the disruption to your bank accounts and/or finances, that these actions prompted by the malicious media activity, thereby forcing the authorities have caused to us. We will update you with progress daily, through our website, our staff and Helpline. Please DO NOT pay attention to any other sources of Dis – information, which are designed to mislead and upset you and your families. We request all the panellists; to be with the company and have faith during these troubled times. We reiterate, that when the company had proactively gone ahead in order to submit the facts in front of the Govt. of India and authorities, then all the false allegations raised against us by various agencies, some of whom are competing unfairly with us, should not be allowed to prevail. As already committed by the untiring management team in India, in the press conference of 15th May 2011, we have initiated the setting up our PE (Permanent Establishment) through a Branch office in India, so that the wrong allegations about our being suspect because of our Singapore origin, will be silenced once and for all time to come. The entire company and its management is HERE TO STAY and are fighting, for our Panellists, Staff and Vendors and their families. We are sure to win this battle together!!. We understand that there is an online petition at the URL: http://tinyurl.com/speakpetition We request EVERYONE connected with Speakasia to sign the online petition and appeal for once and for all time clarity from the authorities. Ms. Harendar Kaur Chairperson & C.E.O http://assets.speakasiaonline.com/static_popup/news_2752011.html - Link |
Posted By: Jaishrikrishna
Date Posted: 02/Aug/2011 at 8:06pm
|
Skeletons coming out of cupboards, slowly and steadily.
http://www.moneylife.in/article/speak-asia-now-offers-products-in-lieu-of-money-to-panellists/18574.html - Link ------------- Don't Buy and Hold, Buy and Homework / Fish see the bait,but not the hook; Men see the profit, but not the peril. |