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    Sources: SFIO to start probe in SpeakAsia case

    It is being learnt from MCA sources that the Ministry of Corporate Affairs has directed Serious Fraud Investigation Office(SFIO) to probe in the functioning of the alleged to be fraud multi level marketing SpeakAsiaOnline. SFIO will look for violations of the Companies Act by SpeakAsia and it is being heard that MCA has directed the investigation officer to act on the The Registrar of Companies report on SpeakAsia.

    The report says that the Singapore based survey company has misrepresented the facts by not revealing the correct names of their clients. The company said that it has clients such as nestle, bata, etc whereas it was later found that those companies never hired SpeakAsia for taking any type of surveys for them. The report also says that the company is not registered under the Companies Act which is compulsory for foreign companies  doing business in India.

    Lets see what happens next in this case. Few days back EOW Mumbai issued notice to all the franchises of SpeakAsia and called them to their office for questioning. Sources tell that the police has not been able to find anything against SpeakAsia till now which can prove its a fraud. Police also had access to SpeakAsia website and servers but still they have not been able to find anything against the company. Its a good news for all the panelists hoping that the company will come out clean after every investigation.

    Source: moneycontrol.com

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