Tuesday, 21 June 2011

Speak Asia Investigation By Enforcement Directorate - 21 June

Enforcement Directorate (ED) has started investigating about the money flow of Speak Asia.

Haren Ventures is the front company, owned by Owner of Speak Asia - CEO Harender Kaur.

ED would track the flow of money to find out if the company was involved in money laundering.

Speak Asia was in the spotlight recently for giving more than 500 per cent return to investors violating the Reserve Bank of India (RBI) rules. It had also violated RBI norms by collecting crores of rupees from gullible investors and transacting abroad without a head office in India.

The ministry of corporate affairs had earlier said that it could not investigate Speak Asia because the company was not registered in India and the ministry did not have the company's database. Singapore-based United Overseas Bank had closed the bank accounts of Speak Asia following the Headlines Today expose last month.

Speak Asia however said on Tuesday that it had not received any intimation about the ED probe. In a statement, the company said: "We are yet to receive any intimation, notice, letter or questionnaire from the Enforcement Directorate or any other wing or department of any government agency/authority."

"As stated previously, we would like to reiterate that we will extend our fullest cooperation to any agency that approaches us for any investigation. Speak Asia is committed to the growth and prosperity of its panellists in India and is here to stay," the statement added.


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Technical Aspect
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ED only deals in Income Tax related part.
Speak asia is liable to pay Income tax in Singapore and not in India, as it is singapore based company.
India and Singapore government is having a signed treaty to levy income tax not more than once....
India Today magazine is going through a very rough phase and they are reviving their magazine
so that it would get some strength. They have a faith in the panelist of speak asia to subscribe
India Today.... but they are in wrong direction.

India-Singapore treaty: Double Taxation Avoidance Agreement (DTAA),
the sole purpose of mutually strengthening their economies.

3 Comments:

At 23 June 2011 at 02:23 , Blogger nvfaster said...

speak asia is not a fraud. its delay give payment to penalist. some paitance. always good thing made in speak asia.. ek bar money transfer hona chalu ho jaye to sab accha hi ho jayega..

 
At 1 July 2011 at 12:50 , OpenID Shabana Asif said...

indian govt rises only corruption, unemployement and mahangai etc,,,may be minister not taken commission from speak asia ..so here problem rises,,,i suggest to indian govt ...plz caught most wanted criminal like dawood chota rajan not happiness of many indian..plz solve the pending cases like 2g chara ghotala kafan ghotala,,,speak asia ne mana farzi survey karae par vo paise to asli de rahi hai...aap ko humne chuna hai or aap hi hum logon ki kushion se khel rahe hai...may be some works are wrong from speak asia but that they r not internation or regional criminals...so plz apne rights ka sahi aap istemaal kare or ed ,,pmo ko is case me aane ki kya zaroorat thi ...sales tax dept already work on it..

 
At 8 July 2011 at 20:56 , Blogger dental dr said...

this govt is only for corrupt people & enemy of common man.only want to give benefits to the corporate,mafias that's why playing this game. speak Asia is the common man sound which cannot be stopped.

 

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