Raipur: All accounts of survey and research company, Speak Asia, have been closed by the Singapore-based United Overseas Bank in India and Singapore. The multi-level marketing company is facing serious allegations of fraud.
This development will lead thousands of members in Chhattisgarh and 19 lakh in India to bear huge losses.
The AGM of Reserve Bank of India, R Maheshwari, has made it clear that Speak Asia has not been granted permission to carry out its operations in India.
All the offices of the company in the city, including the main office in Katoratalab, have been closed. Several members of the company have filed written complaint with IG Mukesh Gupta and SSP Dipanshu Kabra against Speak Asia.
The investors have said that after the closure of company’s account the payment has been stopped and they are not receiving the SMS from Speak Asia which they used to get earlier.
Over 50 thousand people from Raipur, Bhilai, Durg, Rajnandgaon, Bilaspur, Jagdalpur and several other districts had invested Rs 150 crore in Speak Asia.
Speak Asia is the 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.