Government of India probing possible fraud by Speak Asia
Friday, 20th May 2011
The recent stir over Speak Asia Online, a survey group that seemed to be offering easy money to close to two million Indians, has caught the attention of the ministry of corporate affairs (MCA). The government said it�s investigating Speak Asia after news channel Headlines Today alleged fraud by the firm.
�It is too soon to come to any conclusion regarding the alleged fraud,� said D.K. Mittal, secretary, MCA. �However, we are now working closely with RBI (Reserve Bank of India) and Sebi (Securities and Exchange Board of India) and investigating.�
Mittal declined to comment on how Speak Asia got its India licence.
However, a senior official at the survey group said: �Currently we are only regulated by Singapore. We had written a letter to RBI while setting up shop in India and we were given to understand that we needn�t fulfil any other requirement.�
Publication : Mint
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