The Singapore-based United Overseas Bank has closed the accounts of survey company Speak Asia, a development that will have bearing on the company's 20 lakh members in India. Speak Asia scheme — which is a chain marketing scheme — the joining fees of new members act as the return on investment for older ones.
The United Overseas Bank with effect from today has decided to close the bank accounts of Speak Asia, which is in controversy over its operations in the country. Speak Asia's legal adviser, Ashok Saraogi withdrew from the case last Friday.
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