The Income Tax Department (ITD) on Friday unearthed siphoning of foreign exchange of approximately Rs. A preliminary investigation revealed that Rs 550 crore was transferred from four bank accounts in two banks of Visakhapatnam. Eight such accounts revealed total inward remittances to the tune of Rs. The key person admitted that this was done for the commission at the rate of 85 paisa per dollar transferred. Pursuant to FIR police has detained a key person.

Source: Hindustan Times May 12, 2017 15:00 UTC