Cuttack, December 24: The Orissa High Court today directed the CBI to register a case and initiate investigation into the Rs 25 lakh crore derivative scam in foreign exchange.
“In view of irregularities of such huge amount due to faulty derivative contracts, we direct the CBI to make a thorough probe into the whole affair after registering a case,” said a division bench comprising acting Chief Justice I M Quddusi and Justice Kumari Sanju Panda.
The CBI in a preliminary report submitted to the court in November this year had told that there was prima facie evidence of irregularities in the foreign exchange market after the derivative contracts came into force in 2002.
The court directive followed a writ petition filed by a Cuttack-based businessman, Prabanjan Patra seeking CBI probe into the scam.
The bench completed hearing of the case on December 8.
–Agencies