Income-tax department initiates action

The income tax (I-T) department has begun a probe against the alleged ‘Ponzi scheme’ of Speak Asia

The income tax (I-T) department has begun a probe against the alleged ‘Ponzi scheme’ of Speak Asia.

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The department is likely to send a request to the Singapore government to sought information regarding the company and its financial transactions. India has signed a double taxation avoidance agreement (DTAA) with Singapore, which will help in procuring information.

According to the sources, the director general (Intelligence) of I-T has been asked to look into the Indian operation of Speak Asia. “First the I-T department needs to have some concrete evidence to act upon and we’re into it,” a senior I-T official told Hindustan Times.