The Inside Story
Speak Asia Scam: A Multi-Level Marketing Fraud
Singapore and India - Speak Asia was a multi-level marketing (MLM) company that promised its members large returns for completing online surveys and referred others to join the program. The company had a pyramid-like structure, where the top members would earn significant profits by recruiting lower-level members and earning commissions on their earnings. Speak Asia lured people with the promise of high earnings and encouraged them to become "premium panelists" by paying a fee of Rs. 11,000 ($150).
In 2011, the Indian government halted the company's operations as the scheme was found to be fraudulent. Speak Asia was accused of collecting money from its members under the guise of selling survey forms and not paying them for their work. The company's founder, Haren Kaur, and other top officials were arrested in connection with the scam, and the police froze the company's bank accounts and seized its assets. The Speak Asia scam caused a loss of around Rs. 2,200 crore ($300 million) to around 2.7 million investors in India.
The Speak Asia scam was one of the biggest financial frauds in India and exposed the need for stricter regulations against MLM companies and online scams. Many investors lost their money in the scheme, and the case is still ongoing in the Indian courts. The Speak Asia scam serves as a warning to the public to be wary of get-rich-quick schemes and MLM companies that promise high returns, and to thoroughly research any investment opportunity before committing funds.
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