The Andhra Pradesh High Court on Tuesday dismissed a petition filed by Speak Asia Online Pte of Singapore seeking to quash the first information report (FIR) registered by the state crime investigation department (CID) against it. It also vacated the stay on the arrest of the directors, representatives, officials and employees of the company.
According to a press release by the office of the state director general of police, CID registered a case against Speak Asia, which is running a business of money circulation in India without any authorisation or licence. The company has so far collected more than Rs 2,200 crore from Indian citizens out of which over Rs 600 crore has been transferred to Singapore.