The Economic Offenses Wing (EOW) recently uncovered a 40/60 profit-sharing agreement between Speak Asia and Seven Rings International, a deal previously kept from public scrutiny. Under the terms, Seven Rings was to receive 60% of the profits, while Speak Asia would retain 40% from survey publishing. The arrangement also included Seven Rings' commitment to publish an electronic magazine.

Manoj Kumar Sharma, Speak Asia's Indian CEO, links the two entities. Sharma held a management position at Seven Rings International and came to public attention weeks before a significant crackdown on Speak Asia. He is also connected to other alleged Seven Rings International scams.

Sharma's connections extend to other alleged Seven Rings International scams. These include the AdMatrix ponzi scheme, which Seven Rings launched in India in 2011. He is also identified as a co-founder of Mister Colibri, a similar ponzi scheme currently active in Brazil. Before these more prominent ventures, Seven Rings International and Sharma operated several other multi-level marketing scams across India, though none achieved the same widespread success.

Management consistently kept the link between Seven Rings International and Speak Asia quiet. Senior Speak Asia members often denied any direct relationship. This made the financial specifics and the full extent of Seven Rings' involvement unclear for some time. The agreement involved SpeakAsia Pte in Singapore and Haren Ventures Pvt Ltd.

Sharma is currently a fugitive residing in Dubai, from where he reportedly coordinates Speak Asia's ongoing legal activities in India. The EOW's investigation into the financial flows utilized forensic analysis of Speak Asia's website backend and other related computer systems. These systems were submitted for review in early January, providing crucial data.

Based on this forensic evidence, the EOW stated that over Rs 700 crore was laundered from India through the operation, with Seven Rings playing a key facilitating role.