NEW DELHI: A group of panelists of Singapore- based multi-level marketing company Speak Asia, which has been accused of duping investors, has approached the Supreme Court for recovering their money from the firm.
Around 115 investors, who had put their money in the firm, have filed a petition before the apex court in this regard.
"After hearing our petition, the Supreme Court has issued notices to Finance Ministry, Reserve Bank of India, Speak Asia and Haren Ventures to reply in two weeks," Rajeev Ranjan Raj, the advocate representing the investors, told reporters today.
The Singapore-based marketing company, which is not incorporated in India, has been accused of duping investors across the country to the tune of Rs 1,300 crore within a period of about one year.
Speak Asia had reportedly enrolled 1.2 million members, which are called panelists.
Following allegations of fraud by investors, Economic Offences Wing (EoW) has seized around Rs 150 crore from distributors and sub-distributors of the firm along with some other assets. Further investigations are going on by various government agencies. http://economictimes.indiatimes.com/news/politics/nation/speak-asia-investors-move-sc-to-recover-their-money/articleshow/10011013.cms
Around 115 investors, who had put their money in the firm, have filed a petition before the apex court in this regard.
"After hearing our petition, the Supreme Court has issued notices to Finance Ministry, Reserve Bank of India, Speak Asia and Haren Ventures to reply in two weeks," Rajeev Ranjan Raj, the advocate representing the investors, told reporters today.
The Singapore-based marketing company, which is not incorporated in India, has been accused of duping investors across the country to the tune of Rs 1,300 crore within a period of about one year.
Speak Asia had reportedly enrolled 1.2 million members, which are called panelists.
Following allegations of fraud by investors, Economic Offences Wing (EoW) has seized around Rs 150 crore from distributors and sub-distributors of the firm along with some other assets. Further investigations are going on by various government agencies. http://economictimes.indiatimes.com/news/politics/nation/speak-asia-investors-move-sc-to-recover-their-money/articleshow/10011013.cms
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