The CBI told the Orissa High Court that there was prima facie evidence of irregularities in foreign exchange derivative contracts and suggested that the matter should be investigated by the RBI and Enforcement Directorate under the Foreign Exchange Management Act, reports agency sources.

As directed by the HC in August last, the investigating agency submitted the report to the division bench of acting Chief Justice I M Quddusi and Justice Kumari Sanju Panda.

The court directive followed a writ petition by a city businessman Prabanjan Patra seeking CBI probe into the alleged irregularities involving Rs 25000 billion.

It was alleged that due to impugned contracts, Indian corporate houses were forced to transact at lower rates even when forex rates gained strength.