HYDERABAD: The High Court on Tuesday dismissed a petition filed by SpeakAsia Online Private Ltd., Singapore, seeking a direction to the CID to quash the FIR registered against them.It also vacated the stay on the arrest of the directors, representatives, officials and employees of the company.The company has been accused of running a ponzy scheme.S A Huda, additional director general (Law and Order) said that the CID had registered a case against Singapore-based SpeakAsia company on June 21 for running its business of money circulation in India without any proper license.The money circulation business is banned in India under the Act of Prize Chits and Money Circulation Scheme (Banning) Act, 1978.The company has so far collected more than Rs.2,200 crore from the people out of which Rs 600 crore has been transferred to Singapore.When CID registered a criminal case against SpeakAsia and started investigation, the company filed a petition in the High Court for quashing the FIR proceedings.The CID filed a counter petition in the High Court.
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