CBI Nabs Senior Official In Multi-Crore Scam

The Central Bureau of Investigation (CBI) who earlier arrested a postal senior official for his alleged involvement in fraudulent exchange of new currency notes, raided the residence of the latter's relative in Ibrahimpatnam in the Ranga Reddy district on Friday, and recovered Rs. 70 lakhs in Rs. 2,000 denominations.

The raids followed a day after a special court remanded K Sudheer Babu, senior Superintendent of a post office in Hyderabad to judicial custody till December 23. The Central agency arrested four accused in the scam.

It may be mentioned here that Sudheer Babu had surrendered before the CBI on Thursday. Two others, Nitin Reddy and Narsimha Reddy, alleged middlemen, were also arrested and sent to judicial remand.

Sudheer Babu allegedly handed over 2,000 denomination bills worth Rs. 2.95 crores to the two middlemen for a commission. He had stolen the currency notes from the money sent to the postal department for exchange of the 500 and 1,000 demonetized bills.

The CBI also booked cases against two assistants in the office of the Superintendent and employees of three post offices for conspiring with Sudheer Babu.

The sleuths had earlier recovered Rs. 17.02 lakhs in the new 2,000 denomination.