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The SpeakAsia Story: Timeline

Zafar Anjum | Jan. 17, 2014
The SpeakAsia Story: E-commerce Innovation or Fraud?

How did the SpeakAsia story unfold? Here is the timeline of the SpeakAsia story based on information provided by SpeakAsia and media reports in India.

Read the main story here: The SpeakAsia Story: E-commerce Innovation or Fraud?  


May, 2010

Speak Asia Online Pte. Ltd. (SpeakAsia) commenced its operations online in India.


May 9 to May 11, 2011

Speakasia organized an exhibition in Goa called GenX Bazaar for its Panellists which was a grand success.


May 11, 2011

Star News telecast defamatory and false coverage against Speakasia. Other news channels followed suit.


May 12, 2011

Advocates for Speakasia issued defamation notice against Star News.


May 16, 2011

Press conference held by officials of Speakasia to clarify the doubts about business model of company to the media.


May 17, 2011

Realizing the urgency and importance of the matter, letters written by Speakasia to various Central and State Governmental authorities seeking clarification meetings. Not even a single authority had responded.


On or about May 22, 2011

Inward bulk remittances from Singapore by Speakasia to Panellists were blocked and the Singapore banks have orally informed that they received instructions from Indian authorities.


May 23, 2011

Letter written by Advocates for Speakasia to Joint Commissioner of Police, Mumbai.


May 23, 2011

RBI issued general circular under KYC/AML guidelines to all banks wherein business of Speakasia was termed as MLM scheme akin to money circulation scheme.


June 21, 2011

FIR No. 30 of 2011 registered by CBCID, Hyderabad against Speakasia on basis of complaint by NGO named Corporate Fraud Watch.


July 14, 2011

Hon'ble Bombay HC disposed of Writ Petition (L) No. 1365/2011 filed by Speakasia against RBI vide its order directing RBI to grant opportunity to the company to explain its business model.


July 18, 2011

Criminal PIL No. 30 of 2011filed by one Rajmani Shukla against State of Maharashtra upon which Bombay HC Court directed EOW, Mumbai to take necessary actions against Speakasia and recorded stringent observations about the business activities of Speakasia. Speakasia was not even a party and no opportunity was provided to the Company before passing such order.


July 28, 2011

On basis of complaint filed by Shri Navneet Khosla, FIR No.153 of 2011 registered with Nirmal Nagar Police Station under Sections 420, 406, 120B of IPC and Sections 3, 4 and 6 of Prize Chits and Money Circulation Scheme (Banning) Act, 1978 and transferred on the same date, within few hours to EOW, Mumbai and renumbered as CR No. 60 of 2011.


July & August 2011


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