Prime Minister’s Office asks for investigation and action against Speak Asia.

At last Prime Minister has accepted the request to investigate Speak Asia Online. Prime Minister Office has forwarded the complains to ministry of Corporate Affiairs (MCA), Reserve Bank of India (RBI),Securities and Exchange Board of India (SEBI), the home secretary & the finance secretary. It has also been requested from PMO to put the investigation at speedy track to keep the interest of 20 lakhs investors safe.

The Prime Minister’s Office (PMO) forwarded the complaints filed by Kirit Somaiya, former member of parliament (MP) and national secretary of the Bhartiya Janata Party (BJP) along with the complaints of party MPs Prakash Javdekar and Hansraj Ahir.

Already the Reserve Bank of India (RBI) and the Income Tax (IT) department investigating against Speak Asia and during the initial investigation all bank accounts of the company’s franchisees have been frozen, where estimated frozen amount is more than 100 crores. The current investigation would mainly look into financial irregularities, money collection and remittances abroad.

Earlier ministry of corporate affairs had said that it would not take any action against Speak Asia. “Speak Asia is not registered in India so we cannot initiate any investigation against it. MCA does not have any database of the company,” corporate affairs secretary DK Mittal had told media persons. But now it will be interesting to see, what will be MCA’s response to the complain forwarded by prime minister office.

Our Advice: Unless a clean chit is given by government, wait till all allegations are over. Do not put your self at stake. Stick with your people and when finally cash request is opened, just simply ask for the transfer of cash.