There’s been a lot of questions directed at Indian authorities over their thus far complete inaction over Speak Asia and its business operations in India.
After Speak Asia’s bank accounts were frozen in late May, the company has been on a non-stop propaganda push to convince its members that they are the ‘good guys’ and that the government and their critics are acting out of maliciousness and conspiracy, rather than within the boundaries of Indian law.
After months of inaction (despite announcements from four government agencies that investigations had been launched) it was only just last week that Indian police finally filed a ‘First Information Report’ (FIR). This FIR finally acknowledged that members of the public had been complaining about Speak Asia and a police investigation was now forthcoming.
As of yet nothing seems to have publicly materialized from the FIR. In a related story however, the overall inaction of the authorities against Speak Asia was made slightly clearer.
Around May I believe, the Criminal Investigation Department (CID) of India launched their own case against Speak Asia. As a part of the case, CID moved to freeze the financial assets and bank accounts of Speak Asia and its associates.
This application was successful but was then challenged by Speak Asia who asked for a ‘restraining order’ against CID, preventing them from freezing Speak Asia’s accounts.
This restraining order was granted and, despite launching an appeal against the decision, CID had to sit with their hands tied whilst Speak Asia, through Haren Ventures and other associate companies were given access to their bank accounts.
At this time Speak Asia could have paid its members the outstanding money owed to them, which by this time had grown considerably large (affecting the payments of nearly two million members), but instead the company decided to transfer a staggering 462 crore (4620 million INR or $104 million USD) off to Singapore.
Yesterday a high court judge dismissed the the restraining order meaning that CID were once again able to freeze Speak Asia’s bank accounts. This hold will now stay in place until the conclusion of CID’s pending case against Speak Asia, meaning that the company will be unable to transfer anymore money offshore to Singapore (where it is conveniently beyond the reach of Indian authorities).
In the meantime, what happened to the $104 million USD Speak Asia pulled out of India?
As of today none of Speak Asia’s members, their online shopping portal suppliers or it seems any of their local Indian management have been paid. So what exactly are Speak Asia doing sitting on over a hundred million dollars in Singapore?
Speak Asia themselves would have you believe the Indian government are preventing them from paying their members but do the Indian government have any jurisdiction over bank accounts held in Singapore?
One possible explanation is that Indian banks themselves are blocking transfers (under instruction from the government) but given that a Singapore bank account is not an Indian asset, it seems strange that they’d do this.
Why transfer member’s money out of India when you can’t pay your member’s from Singapore anyway?
Furthermore, it doesn’t explain why Speak Asia can’t pay it’s Yug suppliers who are allegedly operating out of Germany.
If we look at the greater picture here and the paper-thin mob mentality Speak Asia has been trying to stir up amongst it’s members over the past few weeks whilst crying poor, I think a far more simpler explanation presents itself.
Folks, the money is gone.
Aside from funding lavish video productions and the odd conference designed to convince money to continue rolling into the company, the $100+ million USD dollars Speak Asia has syphoned out is most likely never going to make it back into the country.
At least not if CID have their way. Currently CID are asserting that Speak Asia is nothing more than a ‘money circulation scheme which squarely falls under the Prize Chits Money Circulation (Prevention) Act‘ and if their investigation and pending case against Speak Asia is successful, the company and its operations will cease to exist in India.
Doesn’t it then make sense that Harendar Kaur (CEO of Speak Asia, who co-incidentally seems to be in perpetual hiding), would then move as much money as possible offshore, into a separate company also owned by herself no less?
The writing is on the wall here people and it’s pretty easy to see what is happening. Ms Kaur and her associates have transferred out more money then I imagine they ever thought possible to make when she launched Speak Asia and, with criminal cases pending, doubt they’ll ever set foot in India again.
In the meantime, to placate their Indian members, using a fraction of the funds pulled out India, they’re continuing to finance various projects designed to maintain herd rule and convince members that it’s the Indian government doing them wrong.
Wake up India, you’ve been taken for a ride.