Megacare India Torno Scam

In our last post on warning our readers about the fraud by MegaCare India Torno Mosquito Coils. We told users about the initial investigation about the Company. In this post we share the information we got about the company's vital details. The Company does not have any presence at the locations mentioned by the owners of this company.

The owner Dr. Rajiv Bhaskar Pandit, or Rajiv Pandit, or Dr. Rajiv Pandit, the mastermind behind the scams had been absconding and all the telephone lines of the company officials and office have been closed.

Our investigations found out the registration details of the company in the Gujarat State Tax Department as follows.

 

Our sources at the state tax department reveal that the company had not filed any tax returns since its inception and registered by the State Tax Department.

However, in our preliminary investigations we found out that the company had a Mother Depot in Jaipur Rajasthan. the company had been involved with supply and distribution for all North India. It is also known that Dr. Rajiv Pandit of Megacare, shares a close relation with the owner of this Mother Depot of Jaipur Rajasthan India.

We will soon share information about this company and its details as well. Our suspected ally in this scam and fraud is known to be a big distributor of FMCG, GI Pipes, Food grains and Pulses in Rajasthan.

MegaCare Torno Mosquito Coils Fraud

This true story is about MegaCare India. The so called manufacturer of Herbal Mosquito Coils and Liquid Vaporizer was formed and establised in Ahmedabad, Gujarat. The company is registered for VAT and CST in Ahmedabad under the Gujarat State Tax Department and is licensed to trade in India for Herbal Mosquito Coils. 

The owner name for the VAT and CST numbers is RAJIV BHASKAR PANDIT, also known as Dr. Rajiv Pandit, Dr. Pandit. (our main accused for the scam for Torno and MEGACARE INDIA.)

The previous known establishment address is:

C 1 1111,PHASE 4,GIDC,NARODA,NARODA,

AHMEDABAD-382330

The company owns the registered trademark for "TORNO" The Power Of Green. Registered under the name of Megha Pandit alias Dr. Megha Wasnik. (wife of Dr. Rajiv Pandit, another suspect and the partner in crime for Dr. Rajiv Pandit, Rajiv Bhaskar Pandit or MegaCare India, Ahmadabad

As per our first investigation from the Gujarat Ahmadabad region, our sources informed that the company address in Naroda, Ahmedabad, Gujarat is not existent.

We warn our readers to be aware of this company of any kind of economic ans state tax frauds that could be committed by Dr. Rajiv Bhaskar Pandit and his wife Dr. Megha Pandit. We will put up more information on this company as and when we get closer to investigate more.

Speak Asia: Who is Tarak Bajpai?

In our last post we discussed about the Arrest of Speak Asia COO. In this post we give our readers a little introduction to the life of Tarak Bajpayee, COO Speak Asia India, the company that duped people.

Till recently Tarak Bajpai was the face of Speak Asia's India operations. He mainly handled training, communication with members and hosted the retreat for Speak Asia investors in Goa this year.

The Singapore-based company Speak Asia, which is yet to be incorporated as a company in India, would be inspected under section 591 of the Companies Act, which is applicable on companies incorporated outside India and has established a place of business within the country, sources said.

The company charges a membership fee is Rs 11,000 for a year. The members are expected to conduct online surveys for clients of the firm. Members are paid for conducting the surveys. The company said that it pays Rs 500 for every survey to its member.

Speak Asia: COO Tarak Bajpayee Arrested in Mumbai

In the recent turn of events Speak Asia COO Tarak Bajpai was detained for interrogation by the Economic Offenses Wing of the Mumbai police and questioned by the law enforcement agencies on Friday. The online survey company Speak Asia hit controversy in a multi-crore scam that duped people in the name of giving high rewards from online survey.

The strict move comes just two days after the investigation agency CID froze the assets of the fraud online survey company's bank accounts. He was arrested in Indore, Madhya Pradesh.

Speak Aisa COO  Mr. Tarak Bajpai, who is the most prominent face of the online survey company's India operations will be flown from Indore to Mumbai for more investigations by the agency.

Speak Asia is being investigated by the CID for a multi-level fraud which came into light after FIRs and PILs were filed against it. The company in its defense maintained that it collects money only for its online magazine and that the online surveys are just a benefit.

Speaking to CNN-IBN, Kirit Somaiya said that three other officials of speak Asia are likely to be arrested soon. Meanwhile, finance minister of india Mr. Pranab Mukherjee had assured that strong action would be done at the initial stage so that such frauds do not go on. Hope Pranab Mukherjee gives some assurance in Parliament this session.

The active participation from the government and agencies is also sorted out for a quick and effective trial of the Speak Asia fraudsters and justice be given to the duped.

Speak Asia: A Ponzi Scheme

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: Some more facts on Internet Surveys

An online survey company that claims to do market research is doling out money as if there is a big goldmine waiting for the users of Speak Asia to dig and every user can dig as much as he can, But only to get buried in that dug hole.

Speak Asia, whose offers sound too good to be true to users is in our views a fraud and a soon to vanish ponzi scheme. The company claims to be registered in Singapore has no presence in India of what so ever nature. The internet is also filled with posts from users who claim that Speak Asia is a fraud and an illegal company that will one day dupe the users of their hard earned money. To the prediction of the Apocalypse, there are many people supporting the scheme. just like there are believers of Christ and Anti-Christ.

Speak Asia has followers who are pouring all their wealth in the company and who believe that its going to make them rich by filling out these surveys. The number of such wannabe is no less and its growing exponentially. Thanks to the power of social media like facebook and Orkut. The wave of promotions for such schemes is exploding every here and there.

Speak Asia Panelists, also proudly self proclaimed messiahs of Online Survey, are known as SpeakAsians. This is a great way to put the feeling of with the company in the users mind. The tag  "Speak Asians" hint out at the mindset of people in a clan, for a common purpose. However, we feel that its a common clan for getting duped.

seeing the amount and size of the dream Speak Asia has shown the people, its not gonna be anywhere late that the bubble of this dream is burst and only tears left in people's eyes.

Speak Asia: What is Speak Asia Online Surveys?

These days where ever you go you hear of Speak Asia, the name that had currently gripped the whole India. Any Cyber Cafe, college canteen, Pan shop, grocery store and even government and private offices are buzzing with the discussions of a scheme that sounds too lucrative for any one.

Get paid for filling up surveys.The surveys that do not take more than 10 minutes to fill. These surveys are slots which are purchased by a user to get enrolled as a panelist. Claimed to be the surveys conducted as market research, Speak Asia releases these surveys on a weekly basis to all its users. The user then fills the survey and after completing his account is credited with US$20, equivalent to 500 INR approximately. Every week the user gets two such surveys to be filled. Hence each week the earning is totaled to be Rs. 1000. Now that is WOW !!!

You get Rs. 1000 every week, means Rs. 4000 every month @ 4 weeks in a month and Rs. 52000 for the 52 weeks in a year. I cannot believe my eyes. In a country, where a government Employee gets Rs. 4500 per month as salary. Earning Rs. 4000 more each month sounds to be too good to be true. Further, if I see that at an initial investment of Rs. 11000 as enrollment, I get Rs. 52000 at year end. This equates to Rs. 41000 profit. Even the best Mutual Fund, Government Bond or any commodity cannot give me that amount of returns.

Further clubbed with the payback of down-line enrollment bonus, the Panelist gets nearly Rs. 1000 for every enrollment of a panelist under his belt. Now this is unlimited earnings. Man! My devil horns are already booming out.