Mumbai: You've seen the ads - but have you wondered what it is exactly that Speak Asia does and how it makes money for you? Speak Asia claimed FMCG majors paid them for conducting market surveys, but after the companies denied it, Speak Asia said it was a miscommunication.
Speak Asia CEO Manoj Kumar said, "We apologise to the companies concerned."
So how does Speak Asia work? It say it has 19 lakh members - who have each paid up a subscription fee of Rs 11,000 to join in. These members are then paid for conducting online surveys at 500 rupees per survey - with the understanding that they will recoup their money within months.
Members are also paid a commission for bringing in new members. Interestingly, the company has no registered office in India - it does not come under any regulatory body either.
The company says its neither a market research company, nor an investment company, nor is it a multi-level marketing firm, and after a two hour long press conference, the question still remains what exactly is the business it is into.
But that hasn't stopped people from joining in.
Speak Asia member Kiran More said, "I don't know what the company is all about, but I got an income and I hope all things are made clear soon."
Financial analysts warn paying high returns in the beginning is the modus operandi of all ponzi scheme scams, a smoke screen to woo more members.
Financial experts say before investing in such businesses one should, check the legitimacy of the business process, be wary of any clauses that ask for a huge investment or locking of funds in the form of any reward system. They should also check the Research credentials of the top management of the company and be wary of any promises of returns that sound too good to be true.
With the mushrooming of online survey companies, analysts say financial offences could rise, unless multi-level businesses are regulated.
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