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Aug 07, 2012, 10.19 PM IST

Speak Asia remits Rs 700 cr out of India: SFIO

The serious fraud investigation office (SFIO) probing the Singapore-based Speak Asia has found that that the web-based company remitted Rs 700 crore out of India

India Business Hour at 09:00 pm
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India Business Hour

Excerpts from India Business Hour on CNBC-TV18 Watch the full show »
The serious fraud investigation office (SFIO) probing the Singapore-based Speak Asia has found that that the web-based company remitted Rs 700 crore out of India.


CNBC-TV18 has learnt that the SFIO probe has also revealed that the company operated out of India with four franchisees and used Haren Ventures as its master franchise to remit funds. The SFIO has asked the ministry of corporate affairs (MCA) to investigate these franchisees.


The MCA has sought law ministry's opinion on whether SFIO has the authority to probe a foreign company that has operations in India.


Tags: Serious fraud investigation office , Speak Asia , Singapore, ministry of corporate affairs , law ministry
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