Foreign exchange racket busted in Bengaluru

Bengaluru: The Enforcement Directorate (ED) busted an foreign trade racket here and seized foreign and Indian currencies equivalent to over Rs 65 lakh, said an authority on Friday. 

The ED official in an announcement here said “We seized on Thursday illegal foreign currencies equal to Rs 45,47,892 and Indian money worth Rs 20,25,170 from foreign trade dealers working without the Reserve Bank of India’s authorization,”

Following up on a tip-off, ED authorities led raids at the offices, two of which were situated at R.T. Nagar while the other four were on Commercial Street. The proprietors of these offices will be summoned and addressed about their business dealings, the authority included.