The Enforcement Directorate (ED) would begin a probe into the financial set up of Singapore-based online survey company Speak Asia.
The development comes about a month after Headlines Today blew the lid off the controversial company. The ED would investigate the money flow of Speak Asia and how it collected crores of rupees from 19 lakh Indian investors through various entities, opened accounts in Indian banks and than transferred the money to Haren Ventures Ltd in Singapore.
Haren Ventures is the front company, owned by 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.