Major foreign exchange racket busted: Rs 25 lakh seized

Initial estimates indicated that more than Rs 15 crore worth of transaction had taken place in 1996-97.

Following a tip-off, the Enforcement Directorate raids were conducted on the premises of these firms, including in Tiruchirapalli, where one of the firms has a branch. The firms were indulging in foreign exchange transaction illegally, the sources said, adding that some of the persons involved were being questioned though so far nobody had been detained.