My friend Amit posted about this company Speakasia Pte Ltd here.
In summary the scheme is very simple. You need to pay $120 to join as their panelist. After that you'll receive a monthly newsletter containing surveys and the survey companies pay you for the accepted and completed surveys. However what makes me wonder,
* You need to PAY USD 120 to join as a panelist. Then you need to bring more "TEAM MATES" to the panel, and you get your money back with more new members. Also you'll get commision from your TEAM MATES joining your team. A great Ponzi in making.
* ACRA website says the company didn't had a AGM and the status is a red X.
* They pay you in USD but to overcome the "currency conversion risk" they are offering you 1 USD = 50INR. In reality the conversion is 1USD=45INR. Which company offers 10% extra to overcome the conversion risk
* You need to get more and more people to join your "team" to ensure you get more money.
* Lot more suspicious stuff (no body seems picking up the phone in their office, the contact e-mail seems to be inactive, ...)
The company even promoting heavily on local television and national news papers. They claim their "Authenticity" based on
* They are from Singapore
* They registered with ACRA
* The bank accounts and money transactions all are via UOB.
Singapore enjoys such a great reputation in the region as a nation which is corruption free, comply to standards, high ethics; and these companies are leveraging on the name and making quick money. I've written to ACRA on this case but I am not sure whether they can take any action but I sincerely hope that they do take some action to ensure these companies tarnish our reputation.