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Postal cash exchange scam in Hyderabad : mastermind Exachanged Rs 2.9crore note surrenders before CBI

Postal cash exchange scam: On Thursday, the Postal Cash Exchange scam mastermind K. Sudheer Babu has surrendered to the CBI. Currently, he is under interrogation. The postal department suspended him due to unauthorised absence. Ever since the scam was out then Mr K. Sudheer Babu was absconding.

The CBI DIG and Hyderabad Branch Head V. Chandrasekhar said that under agency pressure, he was forced to surrender. Mr K Sudheer Babu was the Senior Superintendent of Post Offices Hyderabad City Division was suspended from the Postal Department after absconding following the unearthing of  a money exchange fraud scam.

Postal officials Exchange Rs 1.3 crore scam; CBI registers another FIR:

post office note exchange scam

Searches at 11 places in the city were conducted where Rs. 2000 new notes amounting to Rs 17.02 Lakh was got.  There were also laptops, phones, and incriminating documents. The Central Bureau of Investigation Officials has registered 3 FIRs against Mr K. Sudheer Babu and one more employee from the postal department.

Four other persons were arrested including three other postal employees and one mediator called Shaik Abdul Ghani. The three postal employees arrested were G. Srinivas, G. Ravi Teja and K. Suresh Kumar. There was fraud detected in the Himayatnagar, Golconda, and Karwan Sahu Post Offices. There was a misappropriation of new currency of up to Rs 2.95 Crore in the checks that were conducted with the vigilance officials.

Mr K Sudheer Babu The Mastermind behind Cash exchange surrenders before CBI:

As per sources, the Senior Superintendent of Post Offices Hyderabad City Division K. Sudheer Babu escaped once the scam came out on November 24th, 2016 and was hiding in Srisailam in his distant relatives’ houses. “He was hiding in the houses of distant relatives. Most of the time he was in Srisailam. He surrendered as he has no option,” said a source. He also said that Sudheer Babu’s two or three friends who were his front men got in touch with small traders to exchange cash. K. Sudheer Babu said that he did not feel this was a serious crime because he was depositing old cash currency as well as accounting for the deposited money.

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