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Aug 07, 2012, 10.19 PM IST
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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