Currency Exchange Commission Of Rs 65 Lakh Recovered From Senior Postal Superintendent

Created: Dec 10, 2016, 19:56 IST | Updated: Dec 10, 2016, 20:09 IST

Hyderabad: The Central Bureau of Investigation (CBI) on Saturday recovered over Rs 65 lakh in new currency from a relative of senior superintendent of Post Offices K Sudheer Babu who collected the amount as commission for exchanging old currency.

The cash, all in new notes of Rs 2,000, was seized on Friday during raids in Ibrahimpatnam in Ranga Reddy district. The raids came a day after a special court in Hyderabad sent K. Sudheer Babu, senior superintendent of a post office in Hyderabad to judicial custody till December 23. Sudheer Babu had surrendered before the Central Bureau of Investigation on Thursday. Two others, Nitin and Narasimha Reddy, who acted as middlemen, were also arrested and sent to judicial remand. The CBI registered three cases and arrested four accused, including Sudheer Babu.

Sudheer Babu allegedly handed over new currency notes of Rs 2,000 denomination and valued Rs 2.95 crore to middlemen for a commission. He had taken the new currency notes from the money sent to the postal department for exchange of demonetised notes of Rs 500 and 1,000.

It may be recalled that the CBI raided several post offices in Hyderabad on November 24 after receiving complaints of irregularities in exchange and distribution of notes post-demonetisation. Sudheer Babu had claimed at that time that the CBI visit to the post offices was "routine" and there was no wrong-doing on the part of the postal staff. The raids, subsequent investigations and now arrests have proved that the CBI stamped Sudheer Babu's claims as false.

Saidabad police presenting the accused before the media along with the seized cash.

After a thorough and sustained interrogation of the main accused K. Sudheer Babu, Senior Superintendent of Post Offices, Hyderabad City Division, it was revealed that he safely kept his commission amount at his relative’s house located at the outskirts of Hyderabad. The CBI (Hyderabad) swiftly seized Rs.65,66,000, all in the new Rs 2,000 denomination from the relative's house late on Friday night.

The money seized was the commission of K. Sudheer Babu, as he kept it aside as his share, out of Rs.3.75 crore, which he misappropriated by fraudulently exchanging old currencies for new currencies from the post offices falling under his division. So far the CBI had seized Rs.92,68,000 of new currency in Rs.2000 denomination, in these cases from the city.

Also read: CBI Surprise Checks On Post Offices In Hyderabad

Further, on the complaint of vigilance wing of postal department, CBI Hyderabad had registered one more similar fraud case against Sudheer Babu and also against K. Janardhan Reddy, officiating Sub Postmaster at Parishram Bhavan, Hyderabad. Both the accused were allegedely exchanged demonetized notes with new notes of Rs.2000 denomination to the tune of Rs.80 lakhs at Parishram Bhavan Sub Post Office using fraudulent means. Further investigation is on.

Meanwhile, Saidabad police detained three persons here on Saturday and seized Rs. 29,76,000 when they were trying to exchange old currency on 15 percentage commission basis. The detained persons have been identified as Bingi Vasu Goud, Bandaru Venkatesh and Madugula Mohan.

In another incident, Shadnagar police recovered Rs 82 lakhs from two real estate agents. The seized amount consisted of Rs 71 lakh in new currency, police said.