Speak Asia’s financial advisor and the man behind the money transfer from India has confessed that the company’s ‘business plan’ was nothing but a Ponzi scheme, which works with continuous enrolling of investors and replaces them as they suffer losses and quit the scheme
Speak Asia's troubles seem to be not ending with the recent confession of its financial consultant Sanjeev Dandona to the Economic Offences Wing (EOW), that the company was indeed running a Ponzi scheme. Earlier in 2002, Mr Dandona (along with seven other people) was charge-sheeted by the Central Bureau of Investigation (CBI) for allegedly issuing forged permits to new auto-rickshaws in New Delhi. But more about that later.
"He (Mr Dandona) has confessed that the company was running a Ponzi scheme," an official close with the investigation of Speak Asia, which had duped people on the pretext of promising income for merely filling e-surveys, told Moneylife.
Mr Dandona was arrested by the EOW on 29th September, after it was learnt that he was the proxy owner of Kritanj Management & Allied Services and is linked with Speak Asia. Kritanj Management is the master distributor of Singapore-based Haren Ventures Pte Ltd (HVP) for e-zines in India. Mr Dandona is also alleged to be advising HVP and Tulsient Tech Pvt Ltd and also transferring funds collected by Speak Asia agents to Singapore.
Just the day after the arrest of Mr Dandona, it was revealed that the online surveys, which Speak Asia used to claim (and its agents used to believe), were actually created not in Singapore, but in Mumbai. This was revealed following a confession from Nayan Khandor, a Web designer and director of Dadar (central Mumbai)-based Brand Salon, that his firm was active in creating the online surveys for Speak Asia.
According to an investigation officer, Mr Khandor confessed that he was given the task of creating online surveys and designing the e-magazine by Speak Asia's chief executive Manoj Kumar Sharma and has been involved in this job since February 2010. The material seized from Mr Khandor's office also indicates his close relation with Speak Asia.
Coming back to Mr Dandona—he was earlier charge-sheeted by the CBI along with seven other people, including three officials from the Transport Department of Delhi Government for allegedly issuing forged permits to new auto-rickshaws. Last year in May, Justice Vipin Gandhi of the Delhi High Court dismissed Mr Dandona's petition saying, "Prima facie, his involvement appears to be deep-rooted. It cannot be said that on the basis of the allegations contained in the charge-sheet the petitioner W.P (Crl.) 586/2010 Page 15 of 16 may not have been involved in the criminal acts attributed to him. Consequently, I see no merit in this petition and dismiss the same."
As read from source : http://www.moneylife.in/article/speak-asia-advisor-finally-confesses-the-company-was-running-a-ponzi-scheme/20369.html
Speak Asia's troubles seem to be not ending with the recent confession of its financial consultant Sanjeev Dandona to the Economic Offences Wing (EOW), that the company was indeed running a Ponzi scheme. Earlier in 2002, Mr Dandona (along with seven other people) was charge-sheeted by the Central Bureau of Investigation (CBI) for allegedly issuing forged permits to new auto-rickshaws in New Delhi. But more about that later.
"He (Mr Dandona) has confessed that the company was running a Ponzi scheme," an official close with the investigation of Speak Asia, which had duped people on the pretext of promising income for merely filling e-surveys, told Moneylife.
Mr Dandona was arrested by the EOW on 29th September, after it was learnt that he was the proxy owner of Kritanj Management & Allied Services and is linked with Speak Asia. Kritanj Management is the master distributor of Singapore-based Haren Ventures Pte Ltd (HVP) for e-zines in India. Mr Dandona is also alleged to be advising HVP and Tulsient Tech Pvt Ltd and also transferring funds collected by Speak Asia agents to Singapore.
Just the day after the arrest of Mr Dandona, it was revealed that the online surveys, which Speak Asia used to claim (and its agents used to believe), were actually created not in Singapore, but in Mumbai. This was revealed following a confession from Nayan Khandor, a Web designer and director of Dadar (central Mumbai)-based Brand Salon, that his firm was active in creating the online surveys for Speak Asia.
According to an investigation officer, Mr Khandor confessed that he was given the task of creating online surveys and designing the e-magazine by Speak Asia's chief executive Manoj Kumar Sharma and has been involved in this job since February 2010. The material seized from Mr Khandor's office also indicates his close relation with Speak Asia.
Coming back to Mr Dandona—he was earlier charge-sheeted by the CBI along with seven other people, including three officials from the Transport Department of Delhi Government for allegedly issuing forged permits to new auto-rickshaws. Last year in May, Justice Vipin Gandhi of the Delhi High Court dismissed Mr Dandona's petition saying, "Prima facie, his involvement appears to be deep-rooted. It cannot be said that on the basis of the allegations contained in the charge-sheet the petitioner W.P (Crl.) 586/2010 Page 15 of 16 may not have been involved in the criminal acts attributed to him. Consequently, I see no merit in this petition and dismiss the same."
As read from source : http://www.moneylife.in/article/speak-asia-advisor-finally-confesses-the-company-was-running-a-ponzi-scheme/20369.html
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