complaint with the Mumbai Police's Economic Offences Wing against Speak Asia Online (SAOL)

A week after Aaj Tak and STAR News exposed the investment fraud by Speak Asia Online (SAOL), its franchises were raided at two locations in the Uttar Pradesh capital for alleged evasion of service tax. The information was confirmed by the office of commissioner of excise and service tax in Lucknow.

Meanwhile, the Union government also stepped in to ensure that the investors were not taken for a ride. The ministry of company affairs said that the government would ensure that the "Singapore-based" company did not indulge in any action which could adversely impact the investors who have put in millions of rupees into it.

Speak Asia, which hawked a "get rich quick" scheme, had landed in a trouble after Mumbai Police received a complaint filed by BJP leader Kirit Somaiya on Tuesday to probe its operations. Earlier this week, STAR News exposed Speak Asia's false claims of having clients like ICICI Bank and Samsung on their roster. Somaiya wants the finance ministry to follow the trail of the large sums of money raised by this company and its modus operandi.

There is still no clarity about Speak Asia's business model and no information has been forthcoming as to who owns the company and how it makes money, though it appeared to be another chain-marketing scheme.

On Monday, SAOL has said that it has worked for companies such as Bata, Nestle,Airtel, ICICI and ING Vysya but has not provided commissioned services to them amidst media reports that the company had falsely claimed them as their clients. "We have interacted and worked with these companies. But we have not provided any commissioned services to them," Speak Asia India's CEO Manoj Kumar, said.

SAOL is a company where consumers pay around Rs 11,000 for a membership which will allow them to conduct some surveys online for the firm. The members also get paid for filling those surveys. It is believed that the Rs 11,000 investment could be recovered within three months.

Noose tightens around Speak Asia | Speak Asia in dock after STAR expose

 Kirit Somaiya has filed a complaint with the Mumbai Police's Economic Offences Wing against Speak Asia Online (SAOL) and has asked for a case of financial irregularities and foreign exchange violation to be lodged against the online survey company. Earlier this week, STAR News exposed Speak Asia's false claims of having clients like ICICI Bank and Samsung on their roster.

Somaiya wants the finance ministry to follow the trail of the large sums of money raised by this company and its modus operandi. There is still no clarity about Speak Asia's business model and no information has been forthcoming as to who owns the company and how it makes money, though it appeared to be another chain-marketing scheme. Speak Asia in dock

The foreign exchange violations committed by the company could also be under the jurisdiction of the Enforcement Directorate. The pooling of funds and the import of bogus software could also be probed Enforcement Directorate.

Earlier on Monday, SAOL has said that it has worked for companies such as Bata, Nestle,Airtel, ICICI and ING Vysya but has not provided commissioned services to them amidst media reports that the company had falsely claimed them as their clients. "We have interacted and worked with these companies. But we have not provided any commissioned services to them," Speak Asia India's Chief Executive Officer (CEO) Manoj Kumar, said.

SAOL is a company where consumers pay around Rs 11,000 for a membership which will allow them to conduct some surveys online for the firm. The members also get paid for filling those surveys. It is believed that the Rs 11,000 investment could be recovered within three months.

There were reports that during a trade fair in Goa, SAOL marketing team had claimed that ICICI, ING Vysya, Bata, Airtel and Nestle were its clients. However, it was later reported in some sections of the media that the companies denied having any business connections with SAOL.

"There has been some miscommunication in the media about our relationship with the companies. Our marketing team had during a trade fair in Goa said that the companies were our clients. There has been some factual errors on our part. I apologise to the companies on behalf of my team. We have only worked with them," he said.

When asked if the company was allegedly violating the regulations of RBI, Kumar said, "the regulations of the RBI are regarding foreign exchange transactions. We have followed all the guidelines in regard to the forex money transfer. ICICI and ING Vysya are involved in forex remittances for us. We have no banking business with these banks."

On the Goa government conducting an inquiry against the company, he said, SAOL has not received any official communication on it. "We will provide all the details to the authorities if there is any investigation. We have all the necessary documents. We have not done anything wrong. But if we are found guilty, we are ready to face the consequences," he said.

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