Mumbai's Economic Offenses Wing (EOW) is preparing a "watertight" chargesheet against Speak Asia, according to Chief Investigator B.P. Shelke. This development comes as Speak Asia supporters have repeatedly cited the absence of a formal chargesheet as proof of the company's legitimacy.

Speak Asia members have claimed that the EOW's inaction, coupled with an impending Supreme Court showdown, signals a lack of evidence. They suggest this will allow the company to resume its operations. Recent reports from EOW officers, however, contradict this narrative.

The EOW and Criminal Investigation Department (CID) have not yet filed a chargesheet because their criminal investigations are still active. Police officials describe it as a massive case, spanning multiple cities. Investigators are sifting through a large volume of documents and gathering evidence. Arrests were made three months prior, and reports are now being prepared.

The pace of the investigation has been impacted by Speak Asia's officials avoiding authorities. Some have reportedly hidden in hospitals, others fled overseas to Dubai, Abu Dhabi, and Singapore. COO Tarak Bajpai is currently at large within India. Shelke emphasized the EOW's thoroughness, stating the goal is a robust chargesheet.

Speak Asia has engaged in various tactics amidst the investigation. The company sent a cease and desist notice to the Times of India for quoting the EOW. It also offered an "exit option" that proved ineffective due to a lack of database integration or verification. Public claims of restarting payments to panelists were made, despite the unlikelihood of Indian banks cooperating without the conclusion of criminal probes.

Speak Asia previously appeared before the Supreme Court unopposed, where it presented a false business model. The company was scheduled to face the Reserve Bank of India (RBI), EOW, and CID on November 8, a date now reportedly pushed to November 14. This new date has not been officially confirmed.

The company's past actions in court included misrepresenting its business model. It also filed a cease and desist against the Times of India last week. The Times continues to publish articles quoting the EOW, suggesting they are not deterred. The EOW has publicly stated that Speak Asia created 800 fraudulent panelist accounts. The agency also found no corporate clients for surveys, instead commissioning unsolicited ones. A signed confession from former financial consultant Sanjeev Dandona described the entire operation as a "ponzi scheme."

Speak Asia has not refuted the claims regarding fraudulent accounts or clientless surveys. The company only responded to Dandona's confession with a press release, stating the claim was false "because we say so." This defense is unlikely to hold up in court.

Speak Asia's actual business model involved members paying a fee to the company. In return, they either completed "fake surveys" for $7-20 weekly or earned large commissions through direct recruitment and a binary pairing system. Any other business model presented by the company, including those involving products, was never implemented. The company announced plans for a product-based model, but it remained a plan. This unexecuted plan does not negate over twelve months of operation under the existing pyramid scheme.