Technical Analysis of Indian Equities by Nooresh

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SpeakAsia β€”Fooling through Surveys. Yet another Scam :)

Since the market is doing nothing though of writing on something which is not related to stocks. But i did hear this from a couple of traders talking about speak asia πŸ™‚

 

 

There might be a lot of stuff being written about the possible scam in the scheme of http://www.speakasiaonline.com which is so simple to spot J

> The company model says its basically a company which does marketing research by surveys through direct interaction with peopleJ and that the participants get paid BIG TIME J for their opinions.

-          > Such a simple concept J but the people get eligible to give their OPINIONS J only after taking a subscription for 11000 Rs J.

-          > Basically the company says 11k ka Prasad chadaoJ . Also you are opinion becomes valuable only after paying 11000 J

-          > Now after you become knowledgeable by 11k you have to fill in some surveys every week which will give 2 surveys and around maximum you can make is 300 dollars to 1000 dollars if you are a premium panelist which is maximum but general you get only 2 surveys a week.

Now let us look into some of the simple flaws without going into legalities.

-          > It’s a super concept which can rake in millions and the company can afford to advertise on TV ,Banners, IPL advertisements. But still there are no owners J who would like to stake claim to such a genius idea.

-          >  If it just needs a valued opinion why is it asking for 11000 in the start J and not try to compensate lesser for every surveyJ and also why asking for multi-level marketing to rope in more people who get fooled into it.

-          >  The company pays 1 dollar as 1 reward point. Now the conversion rate it uses is 1 dollar = 50 rs J. This is super the business is so good that when the world is exchanging it for 45 rs they can give 50 J. Which company would take a 10% bottomline hit when there is absolutely no need or they are so lazy to not count it J on daily basis so taking a round no.

-          > Some other illegal irregularities.

The company name is: SpeakAsia Online Pte Ltd.
formerly known as : Haren Technology Pte. Ltd.
formerly known as: PAN Automotives Pte. Ltd.

(Compliance rating for this company is Non Compliant currently)

The company keeps changing it names J may register some more J too but mind you the address matches many other companies.

The company rakes in millions but has not developed its own software for survey but was using a free one till few months back.

The company is based in Singapore but majority of traffic comes from India

See this is a snap I got from Alexa

Speakasiaonline.com has a three-month global Alexa traffic rank of 1,268. The fraction of visits to the site referred by search engines is roughly 11%. While approximately 92% of visitors to this site come from India, where it is ranked #54, it is also popular in Bangladesh, where it is ranked #46. Visitors to Speakasiaonline.com view an average of 16.4 unique pages per day. Relative to the overall population of internet users, the site's users are disproportionately male, and they are disproportionately low-income, childless people under the age of 25 who browse from home and school.

Conclusions:

-          > All multi-level marketing companies are based on the model of getting more no of people to pay to the parent company and can continue till there is a steady flow so how long SpeakAsia remain functional. Till there are enough fools to pay it 11k J for 3 mths all they do is pay your money back so the buffer is huge.

-          > The company may reduce the no of surveys every weekJ there is no minimum survey barrier so the outflow or money will stop trickling into your account.

-          > The 11000 taken from you goes towards subscription of magazine or bulletin and till you keep paying 11000 every year you are eligible to take surveys. The price of this can be increased J

-          > The receipts they give will be with different company names and addresses but will be on behalf of the franchise.

-          > If the company closes how many people will go to Singapore Court to claim 11000 J rupees.

-          > Even if you go there the payment is made to a franchise who may have 3 layers to the top peopleJ so there is no trace of who you have paid.

Plain simple the details are given above J you can enjoy how a Ponzi scheme be created and people be fooled into itJ . If you are sane enough and understand it’s a scam stop others from joining it.

Now to finish it there is a simpler way to fool people which is an idea that struck me.

1)    - >  Create a company in Jhumri Talia ( any city in Nagaland or inaccessible area ).

2)     - > Advertise you would be giving any car or product at 30% of the price provided to the availability. For example – A Honda City for 2 lakh rupees after 6 months of booking.

3)    - >  Put a clause in the agreement subject to availability or full returnJ in cash from the company address.

4)   - >   Keep the price to be Rs 2000.

Whatever money you collect is all yours J. Those who come to jhumri talia pay them another 1000 and felicitate them for their efforts as hardly anyone would come as travelling to that place will be costlier.

Its simple right no its Not – You should know how to fool people J and make it believable. Remember Home Trade.

 

Article by Nooresh Merani

Nooresh has written 2609 articles.

You can follow Nooresh Tech on Facebook and Twitter here.


{ 20 comments… add one }
  • rm May 16, 2011, 21:12

    Hi Nooresh
    One to admit that Indians are very fond of being made fools. Harshad Mehta to Teak forests to Online surveys, it is a long line! And the best thing is when you try to tell the people that it is a scam, they don’t want to listen to you – they all want to think that money can grow on trees (or on surveys!)
    But when the company vanishes, there will be such hue and cry with people blaming politicians and demanding compensation from Government!!!
    India may have been a “Sone ki Chidiya” once but now it appears to be a “Land of Bakras”!
    πŸ™‚

    Reply
  • Vivek Talwar May 16, 2011, 23:36

    One More Negative:
    Offers 2 packages one of 11k and 5k but in 5k package one will only get 10 min to fill survey otherwise 20 min. What a crap! for a realistic thoughts of user you should give unlimited amount of time to fill survey. such companies just hunting innocent peoples in country

    Reply
  • Ritesh Chauhan May 17, 2011, 12:56

    Hi Nooresh,

    Well done analysis – just the facts are wrong!!

    Let me clarifiy some for you:

    Anybody can join SpeakAsia for free. Its not mandatory to pat 11k. They also give users an option for paying 1k for a month trial and then decide.

    On an avaerage, less than 2% of the people fill surveys in the US (no figues available for India yet). So if you want to conduct surveys for free, how many people will respond? At the same time, if you have something on stake, you will make sure to fill up the survey and Speak Asia can confidently pass on that figure to its clients.

    They do have an owner – some Punjabi lady (forgot the name) in Singapore
    The company is non-compliant in Singapore for a simple reason – missing deadlines for AGM MoMs. They will fulfill this condition this time.

    If you are tracking this company, then you must be aware of the press conference that was arranged by Speak Asia in Mumbai on 16th May 2011. They have clarified all the doubts there.

    Alaexa web details are, in fact, in favor of the company.

    One last thing, if the company was fraud, they wouldn’ have spend so much money in advertisements. And on top of that, have arranged for a press conference.

    If you are still living in virtual world with some different fundae, then please come down and get your facts corrected.

    Ritesh

    Reply
    • nooresh May 17, 2011, 15:11

      Hi Ritesh,

      You have done a better analysis πŸ™‚ – Facts are wrong.

      To me it doesnt matter whether speakasia is a revolution or a scam πŸ™‚ might matter to you so i would suggest you do the fact finding.

      But certain glaring points have been mentioned.

      The basic model which says 1 dollar = 50 Rs πŸ™‚ itself says the company is doing some business else it may be dead on foreign currency fluctuations.

      For the record Home Trade had Sachin Tendulkar as the ambassador πŸ™‚ Which company can spend so much on advertising πŸ™‚ is the catch out here.

      Big Multinationals dont have such budgets:) . So the profit margin is huge.

      If it allows people joining for free also why have the franchisee mode and pay them πŸ™‚

      By the way name of punjabi is Harender Kaur πŸ˜› on which the dummy companies are registered.

      I wont argue but i believe you have put in your hard work and money in SpeakAsia so you need to get the facts. I dont like scams as that makes many innocent simple people lose money.

      Reply
    • anik May 18, 2011, 09:15

      hello ritesh,
      how many id have u purchsed in speakasia?

      Reply
  • piyush May 17, 2011, 14:51

    good survey nooresh bhai

    Reply
  • rahul May 17, 2011, 21:49

    Seriously indians are idiots .. I know so many ( litterate people ) them in pune who have subscribed to speakasia .. I have tried convincing them but its of no use .. Made money and again invested all the profits and asking other people to join in ..

    Reply
  • rahul May 17, 2011, 21:51

    Seriously indians are idiots .. I know so many of
    ( litterate people ) them in pune who have
    subscribed to speakasia .. I have tried convincing
    them but its of no use .. Made money and again
    invested all the profits and the capital and asking other people to
    join in ..

    Reply
    • nooresh May 18, 2011, 09:25

      Hi Rahul,

      The lure of quick money πŸ™‚ makes people lose the rationale.

      Reply
  • rahul May 17, 2011, 22:03

    i think speakasia is similar to say a stock market where the naive and not so smart investors get looted by the smarter one’s. if u can make others to fall into the trap of speakasia quickly u make that much more money. as long as more and more naive people are joining, the early birds will keep making money out of them. how do insurance companies pay for the claims, not from their own pocket but from our pocket only (i don’t support speakasia’s, or ram surveys etc but they are a quick way to make money for smarter/socially active one’s)

    Reply
    • nooresh May 18, 2011, 09:23

      Hi Rahul .

      The point about this is in a binary tree there are lot of branches which dont grow and are cut. In all this MLM schemes the people who end up losing are generally friends and social circle. So its better to avoid at all.

      Reply
  • SATBIR KANGAR May 18, 2011, 07:40

    SIR ,
    SUPPORT 5440 TAKEN OFF, CAN WE NOW GOING TO 5170-5220 OR STILL ANY BOUNCE EXPECTED, DUE TO SHORT COVERING , WHAT CHARTS SUGGEST
    ON WEEKLY CHARTS HINDALCO FORMING H&S CAN WE SELL NOW OR WAIT TO BREAK 189, SECOND ORCHID BUY NOW WITH SL 302 OR BUY AFTER 320 , WHAT U SUGGEST.

    IT IS CRUCIAL TIME β€” YOUR COMMENT SIR….

    Reply
    • nooresh May 18, 2011, 09:22

      Hi Satbir,

      The market is lacking follow up moves. So still we dont see momentum on either side we may just sitback and watch.

      Reply
  • Raj Dhillon May 21, 2011, 07:17

    I am pleasantly surprised to see the spotlight on Speak Asia in this forum. Least of all we get diverse views on schemes which have caught the fancy of some. I would like to know what finally happened to Japan Life?
    Marketing is undergoing a swift change. It is necessary that checks are installed and norms controlling adverts are drastically revised.
    Thank you for this discussion.
    Raj

    Reply
  • BRajat May 21, 2011, 17:57

    D/Nooresh,
    You place a very feeble arugment in order to present your point. For the sake of simplicity i’ll place mine in the similar point wise:

    -It’s a super concept which can rake in millions and the company can afford to advertise on TV ,Banners, IPL advertisements. But still there are no owners J who would like to stake claim to such a genius idea.
    [Already claimed by the owner of the Co., isn’t it obvious? ]

    – If it just needs a valued opinion why is it asking for 11000 in the start J and not try to compensate lesser for every surveyJ and also why asking for multi-level marketing to rope in more people who get fooled into it.
    [Co. policy i guess. By asking for a subscription it ensures that the panelist is with it for the year round. It other words its able to say with confidinace to its clients about the number of panalist it has at the moment. MLM is used may many to grow fast enough. Nothing wrong in that. Amway does it. Bajaj and HLL tried and failed miserably but Amway is going great guns!]
    -The company pays 1 dollar as 1 reward point. Now the conversion rate it uses is 1 dollar = 50 rs J. This is super the business is so good that when the world is exchanging it for 45 rs they can give 50 J. Which company would take a 10% bottomline hit when there is absolutely no need or they are so lazy to not count it J on daily basis so taking a round no. [There are many Survay companies using the same concept, nothing illegal about that! ]
    -The 11000 taken from you goes towards subscription of magazine or bulletin and till you keep paying 11000 every year you are eligible to take surveys. The price of this can be increased. [self explanatory. Don’t find what point you are trying to make here?]

    – If the company closes how many people will go to Singapore Court to claim 11000 J rupees. [It’s a concepts. It may fail like any other company. Its registered in Singapore. There are many that are registered in US and if they fail you need to fight the case in US. If you need to fight a case with Mircrosoft you need to go to US. So? Do we stop buying and using Microsoft produts?]

    -The receipts they give will be with different company names and addresses but will be on behalf of the franchise. [The Co. is issues receipts with its official Singapore address]

    -Some other illegal irregularities.
    [Co. changed names many times. So what? There are many Co. in India who have done that.]
    -Many compannies in the same address. Is that a crime? Take the Birlas to jail.
    -Using free survay software. Are you referring to opensource. Programs like Openoffice and Linux are used by most fortune 500 companies. Need i say more?
    -The company is based in Singapore but majority of traffic comes from India
    [That’s Illegal irregularities??!!]

    Your Conclusions:
    -All multi-level marketing companies are based on the model of getting more no of people to pay to the parent company and can continue till there is a steady flow so how long SpeakAsia remain functional. Till there are enough fools to pay it 11k J for 3 mths all they do is pay your money back so the buffer is huge. [Then all those subscribing to Amway are fools. I’m not saying this, YOU ARE!]
    -Other points are too elemantry to even demand an explanation.

    regards

    Reply
    • nooresh May 23, 2011, 02:29

      Hi BRajat,

      First let us know how much ids u have πŸ™‚

      Apart from that i would suggest you find out the cost for conducting an online survey πŸ™‚ and how much does HUL or other FMCGs or white good pay to Marketing Research Companies who actually get people for the views and have their recordings πŸ™‚ … btw i have personally been part of such Marketing Surveys a few times for fun on various products in our college days and there is a lot of profiling like age bracket, income, background. Marketing Survey is not about filling online forms πŸ™‚

      By the way the company says 1.9 million subscribers πŸ™‚ calculate into the net Cash outflow every month thats lot more then a bunch of top Indian Marketing Research cos. I am not even talking profit loss account here πŸ™‚

      Well by the way i havent heard Speak Asia being contracted by any Indian Cos πŸ™‚ So for whom does it do the research. Its just that there is too much of fishy stuff in there πŸ™‚

      Anyways you are confident about the idea and hope your money grows 3 times or maybe 4 times πŸ™‚ in a year which is super super returns πŸ™‚ even after giving 4 times the co Speak Asia can make super returns is just fabulous πŸ™‚ Maybe there is another Zuckerberg πŸ˜› in speakasia way. Btw Amway produces some decent products:) …………I am not a sarcastic.

      Take Care –

      I close the topic here πŸ™‚ i aint interested in anyways just giving a viewpoint to readers who do get swayed away by such adverts.

      Regards,

      Nooresh

      Reply
  • Dr. Nirav Shah May 23, 2011, 09:18

    Dear Nooresh ,

    Keep visiting http://speakasiapanelistopinion.blogspot.com/

    Reply
  • manish bangera May 26, 2011, 13:26

    pls read& pass it on thanks cheers

    Reply
  • Sunder June 1, 2011, 14:42

    Yeah, I heard about Speak Asia! Thanks for your Alerts.

    But I got something else which is very IDEAL, I found it very descent and thus I like.

    Please visit at http://realptr.com/pages/index.php?refid=maheshay05

    Reply
  • kumar June 5, 2011, 16:43

    While getting paid for surveys is a real phenomenon, one should understand that it can offer you just a few bucks for your opinion sitting at home. You should not expect to earn a livelihood or get rich through this. Also a genuine survey company will never ask for membership fees.

    My experience tells that the most reputed and the largest survey companies which operate globally including India, pay you not more than Rs. 60 to Rs. 120 for each surveys. The most reputed survey company in the world are Avante Panel, Corp scan which operate thru a number of partner websites such as in.ipanelonline.com, corpscan.com, starpanel.startv.in, swapyourvoice.in etc. Further you get paid only when your background, income status, location etc. suits the requirement of each survey. Therefore you can assume that any company asking for membership fees or promises to pay more than Rs. 60 to 120 per survey is sure-shot fraud.

    As the budget of companies requiring customer surveys is limited, based on which the most reputed & largest survey company Avante Panel have not been able to pay more than Rs. 120 to 150 per survey, no survey company can promise to pay more than this. Further it shall be completely impractical to assume that you can get paid regularly for customers referred by you. You are paid one-time amount for referrals and not for subsequent surveys undertaken by them. So do not get fooled by companies such as Speak Asia, Ram Survey etc. The links to some of the genuine survey companies which have a very long standing performance record are shown below:

    IPANELONILE
    http://in.ipanelonline.com/register.html?inviter_id=710177

    savvy survey
    https://www.surveysavvy.com?id=4695053&action=join

    Reply

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