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Wednesday, May 18, 2011

Kirit Somaiya Filed Complain Against Speak Asia Online


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



  • May 18, 2011 at 1:51 AM
    FYP :

    This time RBI is investing and all truth will soon come in front of all people in RBI report on Speak Asia. Speak Asian Keep your finger crossed.

  • May 18, 2011 at 9:54 AM

    I do agree with Kirit Somaiya, just few stupid Q can not be the real survey...and there is no such company who can pay such a big amount and need to frequent survey...2 suvey per weeks and 1.5million peoples....if we calculate company is doing 3 millions survey per week...and second thing is that survey/research is just a expense for the company...still I did not get how speak asia is managing to pay such a big amount....

  • May 18, 2011 at 11:37 AM

    Speakasia ki kundali khangalne se pehle un aarop lagane wale politician ,journalist, and others officers ki kundali khangali jay ki in ke field me ane se pehle ye kya the aur rato rat crorepati kaise ban gaye, abhi tak kitne logo ka paisa wapas dilwaya hai apne pocket bharne ke alawa, is ki immandari se janch ki jaye.....by speak asian

  • May 18, 2011 at 12:07 PM

    just one thing i want to say its not that this is the first company that is in the market who is doing MLM( though its been clearly said that it's is a survey driven company )its up to us if we want to invest in it they are not forcing us to do it , Kirit Somaiya , and Star Plus act aer forcing this organisation to shut its operation in India down for there own benefit.what if the company is not a fraud they are putting money of 15 million + panelist in India on stake .

  • May 18, 2011 at 5:18 PM

    plz get all information about company and its policy and then blame .and in india there is many mlm companies running why star and mr kirit is only againest speakasia.mr kirit u have knowledgeble person but have you do any mlm business before?
    if not plz get suggetion from mlm leader and then speak.

  • May 18, 2011 at 6:47 PM

    [blue] why star news is not showing the full coverage of the speak asia press conference.
    if ,just by doing surveys wont help yhe manufacturer then why star news is into simillar business. this is suppose to be another trail by media raised by star news channel.

  • May 18, 2011 at 10:10 PM

    Speakasia is not a fraud company because there is no single panelist who is not earned money at right time and also there is no single complain from panelist

  • May 19, 2011 at 1:01 AM

    we indians will never learn to see what is legal business in mlm or any other business .

    Every country is having some laws to do any kind of business .

    mlm business is easy way to make money with less amount of investment .

    paypal and all account to faciliate online business ,not to send our money abroad by any sources.if you do so companies doing so comes under FERA act .

    Our memory os very short .
    skybiz .maple leaf ,japan life and so many more having offices aborad cannot issue money checks and any commission without paying taxes to Indin govt .
    Its illegal and if anybody doing so ,later or sooner comes in notce of RBI and SEBI .
    This happened with SPEAK ASIA.
    They lied to investers .paid commision ckecks without paying taxes .
    There is no office in singapur .
    These type of scams done by BIG MAFIA GROUPS ABROD .
    So keep fingers cross for promoters who came on T.V.channels as thier panlist .

    They are in big troble as par indian law .

  • May 19, 2011 at 9:47 AM

    Muft main apne naam kamane ki sabse achha funda nikla apne! agar itna humdardi tha to pichhle ek saal tak kaha thi?

  • May 20, 2011 at 12:17 AM

    how can he say tht we dont hav any legal document??????? 1st let him chek everythin thn complaint,,,,,,, its bogus lettr writtn mainly fo his personal benefit,, to divrt ppl frm spk asia,,,,,, plz stop it sir,,,,, it l create probs fo u only

  • May 20, 2011 at 11:50 PM

    Dear Mr. Somaiya,

    You are the main person who lodged the complaint against speakasia but I asked you one question where are you ? and where are you when 2G and CWG scams are in front of entire India and lastly where are you when petrol prices peak to his prices, but a company thats give you the employment of your unemployment peoples, everyone even the government hike the prices in all their major streams, ek company jo apke desh me lakhon logon ko paisa de rahi hai woh apko shan nahi hota are aap to moti party ho khoob paisa hai lekin un logon ka socho jinka bhavishaye speakasia and i am proud to be speakasian, mene jo paisa lagaya tha company ne mughe diya, CBI jo main branch h usi ki list me 2 bar gadbadi ho gayi galtiyan to har kisi se hoti hai, lekin election jitne ke chakkar me tum jaise log aam janta se khilwad karte ho, band karo somaiya ji nahi to we will take any legal action against you, i m indian and i m proud to be indian, but you not !!!!

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  • May 21, 2011 at 10:23 PM
    sam :

    haa haa kirit somaiya...........who is this guy...lols....heard about him first time...looser politician..
    he has nothing to do.. who the hell told him to file a case against Speak asia onlie..nobody did..Mr Kirit Somaiya..theka le rakha hai kyaa pure india kaa..jaake apna kaam karo yaar..paani ni aa raha hai bijali nai aati..do these things..sadke banwao..samjhe

  • May 25, 2011 at 9:48 PM

    Saare news wale pagal ho gaye h our politician to pahle se hi desh ko bech kar kha rahe h our baat karte h desh ko bachane ki aaj tak speak asia ne kisi ka paisa nahi roka h our na hi vo rok rahe h phir in sab ko kya problem ho rahi h samajh me nahi aa raha h?

  • June 7, 2011 at 10:15 PM


  • July 20, 2011 at 10:09 AM

    kirit ji ne saol ko bina jane coment kiya hai,yeh bhi jankari lene ki koshish nahi ki kyun star news saol ke comptiter hai yeh bhi nahi socha ek baar bhi ki kitne log sangh parivar ,bjp worker, voter,es saol se judey hain

  • August 5, 2011 at 12:55 PM

    its all a result of a big corporate war.politicuians have jumped in to it, just to make their bread and butter, as they can never earn money from legal resouces, and they are never satiated from their salaries, which they get from the govt. and these salaries are although much higher than any a class executive officer. N-Mart, that is a MLM company run by some relative of Mr. Bhairon Singh Shekhawat, is a hidden rival of speakasia, and all this game was planned by that company, as they were going o launch this company in may 2011. Mr. sharad pawar and many other so called" public servant" politicians are alligned to stand against speakasia in support of "N-Mart". in this idiotic process, many well earning young people are now in dark and theyfind themselves no where. why couldnt they play a fair game even if this is a corporate war, rather than pulling the other company down, why cant they accept a healthy competition and giive the indian people some thing better than speakasia, if they could, so that it wopuld be far better for indian people also........ but they did what they were meant to do. we all shiould stand with what is true and against what has been done by such evil bodies, who have been always trying to pull india back, and stop the economic growth of people.

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