Stock Guru India Scam Exposed.

Check this video, how a news channel exposed Stock Guru India Scam.

It has left thousands of people in the lurch.

The Delhi office is locked.

Angry people are asking for hard earned money.

Company say’s that they are under Income Tax department radar.

Bloomberg TV

Aajtak News Channel

October 08, 2010 05:22 PM Moneylife Digital Team

An MLM company that claims to be Asia’s largest online survey company, does not even have an office address or a telephone number but is offering to ‘pay’ $10 just for filling out online surveys

Speak Asia Online, which claims to be based in Singapore, 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 panellist for one year. However, it says the fee is for its e-bulletin for one year. It clearly says: “You can remain a panellist and earn from Speak Asia only as long as your subscription to E-Bulletin is in force.” This means, before earning a single penny, you need to pay the company upfront. After the one-year period, one needs to renew the subscription. There is no mention of renewal fees.

Speak Asia Online sends its surveys mostly on Wednesday to all subscribers. Each survey takes around 40 minutes to complete. It says: “The first eight weeks are treated as a training period and the company provides you feedback on incorrectly filled surveys.” After that period, any incomplete or incorrect surveys are rejected and the company does not pay for it.

The company assures that it will make the payment in local currency through direct bank transfers. The catch here is that one has to pay bank transfer charges of 3% or minimum $7.5 per payment. In case you have earned $10 for the month, you would get payment of $2.5 only, as $7.5 from the total payment would get deducted as bank transfer charges.

Speak Asia Online says it provides income in reward points (one reward point is $1). It awards up to seven reward points per week for a standard panellist and 20 reward points to a premium panellist. It offers survey income as well as passive income that one earns by adding more people into a down-line. However, for the next day’s incentive calculations, it does not consider the weaker line. It says: “Weaker leg is flushed out whereas the stronger leg is always carried forward for next day’s incentivecalculation.”

Although the company offers to pay for filling out surveys online, it fails to mention that for doing this job one requires minimum knowledge of English and the Internet.

Speakasiaonline.com is hosted in the US on the GoDaddy.com server and the hosting services will expire on 21 January 2011. Besides that, there is no information available on the domain, its owners, their addresses and contact details.

The company website does provide links for all countries and major cities but directs all queries to its Singapore address only, which neither has a telephone number nor any email ID. Except India, the so called ‘good income business opportunity’ does not exist for other countries.

According to a complaint posted on India-complaints.com, this company has changed its name three times over the past five years and is blacklisted for non-compliance in Singapore.

Its website, speakasiaonline.com does have a link for legal documents but provides the legal documents not of the company but generic documents from the Customs Department, the Reserve Bank of India (RBI) and so on.

Speak Asia Online shows no evidence about the legality of its business or any registration certificate issued by government authorities. All the company can show as evidence is a registration certificate issued by the Singapore government. The issuing authority of this certificate, Registrar of Companies and Businesses, however, has clearly stated that the certificate of good standing or any of its contents shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way without prior permission of the Accounting and Corporate Regulatory Authority (ACRA), Singapore.

In addition, there is no mention of its promoter or top management on the site. In fact, there are no names on the website. All one can see is just names of its ‘dealers’ and their bank account numbers.

Bangladesh MLM alliance calls for regulation of MLM

Due to a combination of government policy, the time required for a thorough investigation to be carried out and the inevitable appeals process, it’s all too well known that there’s often a large disconnect of time between the establishment of an MLM company, and a regulatory body investigating it.

At the heart of a scam MLM is the principle of extracting as much money from unsuspecting victims, in the least amount of time possible. And when you combine this with a long delay in the investigation process, a lot of people can be taken for a ride and driven to financial ruin in the meantime.

One group of MLM companies in Bangladesh sought to address this problem and have called upon the government to regulate the MLM industry.

According to Joint Stock Companies and Firms registrar, some 70 MLM companies are operating in the country.

Nearly two-thirds of them are involved in banking, which is illegal. The rest offers a very few products.


From the sounds of it, regulation, whether proactive or reactive in Bangladesh is pretty slow and the country appears to be overrun with get rich quick MLM schemes.

Gazi Md Zakir Hossen, chief executive officer of Uptrend Distribution Ltd (known as uptrend2u) ‘points fingers at unipay2u, TVI Express, Visa Ray, Speak Asia, Legend Venture, Unigateway, Goldtrend, Neway and Destiny-2000 Ltd‘.

TVI Express I’m well aware of but the other companies I’ve never heard of. Presumably they are similar ‘no product’ MLM clones of TVI that operate on a fast revolving, recruitment driven matrix.

Fed up with companies named above tarnishing the MLM industry name in Bangladesh and eroding consumer confidence,

a section of MLM companies at a press briefing yesterday requested the government to take action against those involved in illegal banking in the name of MLM.This group claims multilevel marketing doesn’t allow banking, and it must be product-based. This means profit will come from selling products.


Why this hasn’t happened before or why it hasn’t happened in other countries is a mystery to me, but good on them. Ultimately without a product all you’re doing is shifting money in some way or another and unfortunately it can take regulators months, even years to crack down on this activity.

If I was running a legitimate MLM company it would cause me no end of frustration to hear about scam MLM companies bursting into the market with largely unsustainable compensation plans.

I do know that MLM industry alliances and associations exist outside of Bangladesh, but it’s rare to actually hear them speak out against other companies in the industry.

Personally I think it’s high time they did.

Speak Asia given court notice at Gorakhpur, Uttar Pradesh.

WalletChange.com

The news was covered at Amar Ujala Compact Gorakhpur, on 11 March 2011

http://compepaper.amarujala.com/

Asked to respond by Friday:
Speak another notice to Asia, sought respite

Gorakhpur. Online Survey Company Speak Asian city magistrate on Thursday again one day delay is sought. City magistrates on Thursday arrived in the office of Regional Manager Anurag Corporation to meet him some day and sought deferment. Meanwhile, City Magistrate them another notice with ten points Risiw be instructed to give their answer by Friday.

Thursday evening, the city magistrate, regional manager came to meet a visiting card was neither the company nor any of his credentials was equivocal in this regard, he answered when asked the city magistrate. City Magistrate Jitendra Pratap Singh said the regional manager, ten points Risiw third notice has been made.

Answer these questions asked
According to information sources Speak Asia regional manager, ten points, including the following questions have been given the notice.

• What is the company’s tax responsibility.
• According to the currency exchange rate How to pay certain amount.
• not have a permission from RBI.
• India’s foreign currency by changing how the residents do.
• how to operate it without the permission of RBI are.
• What is eligible to become members.
• record how people are Mentoen.
• What are the terms to become franchisees.