Speak Asia investors move SC

Around 115 panelists, who had put their money in the firm, have filed a petition before the apex court.

“After hearing the petition, the Supreme Court has issued notices to Finance Ministry, Reserve Bank of India, Speak Asia and Haren Ventures to reply in two weeks,” an advocate representing the investors said.

The company, which is not incorporated in India, has been accused of duping investors across the country of Rs 1,300 crore within a period of about one year.

Speak Asia had reportedly enrolled 1.2 million members, called panelists. Following allegations of fraud by investors, Economic Offences Wing (EoW) has seized around Rs 150 crore from distributors and sub-distributors of the firm along with some other assets.