Speak Asia’s 5000 Crore fraud has been exposed by the popular news channel. The modus operandy of the company was to pool in money from people and invest INR 11,000. At the end of the year company promised to offer 5 times investment value to the customers by providing INR 55,000 to them. Ironically when the journalists tried contacting CEO of Speak Asia – Manoj, he was unreachable. Speak Asia is already banned in Bangladesh and soon it might be the case with India.
Speak Asia fraud has reminded one and all of the Home Trade fraud which haunted Indian markets a decade back. The false promises made by Speak Asia can haunt your investments too. The company just circulated the cash of people and money exchanged hands. They do not offer a product or a service and still offer falsified claims. Ironically, close to 35,000 people daily join in and pay up INR 11,000. Be smart and stay away from Speak Asia fraud.
