The Singapore-based United Overseas Bank has closed the accounts of survey company Speak Asia, a development that will have bearing on the company's 20 lakh members in India. Speak Asia scheme — which is a chain marketing scheme — the joining fees of new members act as the return on investment for older ones.
The United Overseas Bank with effect from today has decided to close the bank accounts of Speak Asia, which is in controversy over its operations in the country. Speak Asia's legal adviser, Ashok Saraogi withdrew from the case last Friday.
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Thanks, Admin,
This is a Ponzi scheme....(money goes round and round)...no business model...collect money from 100(11000 x 100 = 11,00,000 and distribute it to 5000 (2000 x 500 = 10,00,000) pocket the rest of 1,00,000....and this keeps going on on onn...all u SpeakAsians...Think this out...there will come one day when the scheme will end and the last bunch of people who join will be at a loss....
ReplyDeleteif this is a genuine co then why the hell they have not opened an office in India and not registered with ROC and SEBI / RBI....
As per the Govt laws no co can operate in India without proper registeration with RBI/SEBI/Fin Min/ROC etc...
if the law chases them they will vanish one day...so be careful...
PS.. all those Speakasians who have made money will sure disagree with me...but think of all fellow Indians who will lose when they close down...
Even I too was contacted by the President of this co for investment, when i asked him some questions and clarity on the scheme (if this was a Ponzi scheme etc, to email me all the details...) he just vanished and did not email me any details...as he realized that i was a little bit more educated guy aware of the fraud....so be careful...
all the best...Speak Asia scam