The Speak Asia scam (also known as the Speak Asia Ponzi scheme) was a Ponzi-cum-pyramid scheme perpetrated between 2010 and 2011 by Singapore-based Speak Asia Online Pte Ltd. The company promised people high earnings for completing online surveys after paying a joining fee. Before the scheme collapsed, it allegedly cheated around 2.4 million Indians of between ₹2,200 crore (US$230 million) – ₹2,276 crore (US$240 million).[1][2]
History
editSpeak Asia Online was an online market research company which operated in India between 2010 and 2011. The company was originally incorporated in Singapore in 2006 as Haren Technology Pte Ltd, but later rebranded as Speak Asia Online Pte Ltd.[3]
The company was found to be running the "biggest multi-level marekting fraud", in which it offered people the opportunity to become "panellists" by paying an annual subscription fee, usually between ₹5,000 and ₹11,000. In return, members were promised sureshot earnings for completing online surveys, often advertised as ₹4,000–8,000 per month, along with additional commissions for recruiting new members into the network.[4]
In 2011, users filed complaints against the company over delayed payments, lack of real survey work, and problems withdrawing earnings. Investigations by the Reserve Bank of India, Enforcement Directorate, and Serious Fraud Investigation Office alleged that the company operated no genuine business activity and mainly used money from new members to pay older members, a pattern commonly seen in Ponzi schemes.[citation needed]
Investigations
editSFIO investigation found that the company remitted ₹700 crore (US$73 million) out of India by using it master franchise Haren Ventures.[5]
The Greater Mumbai Police and Delhi Police's Economic Offences Wings filed first information reports and chargesheets, while the ED froze bank accounts and attached assets worth crores of rupees. Key promoters included Ram Sumiran Pal who was later arrested[6][7][8] and several associates, such as Harender Kaur[9][2] and Renu Sharma[10].
References
edit- ↑ "Rs 2,200-crore fraud case solved,Speak Asia kingpin held: Police". The Indian Express. 3 December 2013. Retrieved 21 May 2026.
- 1 2 "Inside SpeakAsia Ponzi scam: how 2.4 million Indians lost savings". Hindustan Times. 29 December 2013. Retrieved 24 May 2026.
- ↑ Neogy, Sarmishta. "Speak Asia: A Primer". www.business-standard.com. Archived from the original on 28 June 2025. Retrieved 24 May 2026.
- ↑ Narayan, Khusboo; Singh, Sangeeta (15 November 2011). "Speak Asia biggest multi-level marketing fraud, says EOW". mint. Retrieved 24 May 2026.
- ↑ "Speak Asia remits Rs 700 cr out of India: SFIO". Moneycontrol. 7 August 2012. Retrieved 25 May 2026.
- ↑ "Speak Asia scam: CID special team for Delhi". The Hindu. 26 November 2013. ISSN 0971-751X. Retrieved 24 May 2026.
- ↑ "Speak Asia promoter held for Rs 2,200 crore scam". The Times of India. 27 November 2013. ISSN 0971-8257. Retrieved 24 May 2026.
- ↑ "Speak Asia Country Head, 5 Others Held in Multi-Crore Scam". The New Indian Express. 1 February 2015. Retrieved 25 May 2026.
- ↑ "Speak Asia scam: One accused held by Economic Offences Wing". The Indian Express. 13 April 2018. Retrieved 24 May 2026.
- ↑ Modak, Sadaf (7 October 2016). "Speak Asia scam: Director sent to police custody till October 13". The Indian Express. Retrieved 24 May 2026.