Speak Asia scam

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 .

History

Speak 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.

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.

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.

Investigations

SFIO investigation found that the company remitted out of India by using it master franchise Haren Ventures.

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 and several associates, such as Harender Kaur and Renu Sharma.