Demonetisation effect: Postal officials booked for Rs 36 lakh cash exchange fraud

3 postal officials allegedly converted old currency notes worth Rs 36 lakh with new ones without necessary documentation

CBI has booked three postal department officials, including a senior superintendent of Post, for allegedly converting old currency notes worth Rs 36 lakh with new ones without necessary documentation post demonetisation.

The agency has registered a case of criminal conspiracy along with criminal breach of trust, falsification of accounts and provisions of Prevention of Corruption Act against K Sudheer Babu, senior superintendent of Post, Hyderabad, G Revathi, sub postmaster, Himayathnagar sub-post office and G Ravi Teja, working as office assistant at office of SSPOs and unknown other public servants and private persons.

It is alleged that the accused in criminal conspiracy with other public servants and private persons abused their official position to fraudulently exchange Rs 36 lakhs in old notes of Rs 500 and 1,000 denomination with the new currency notes of Rs 2,000 without genuine documents on November 12 which were meant for disbursement among genuine general public and thereby misappropriated the money.

CBI sources said the agency had carried out a surprise check on post offices on November 24 based on "credible information" that alleged irregularities were being committed by postal department officials in the conversion of currency notes at Himayathnagar sub-post office.

The CBI checks, conducted jointly with Postal Vigilance Department, showed that on November 12 an amount of Rs 74.73 lakh in Rs 2,000 new denomination was shown to have been exchanged against the old currency notes worth the same amount.

It showed that only 987 numbers of Request Slips were allegedly found available for total amount of Rs 38.45 lakh against Rs 74.73 lakh and there were no Request Slips for the remaining amount of Rs 36.28 lakh, they said.

It came to light that Revathi has allegedly done this as per the instructions of Babu, CBI said.

It is also alleged that Teja, who was deputed for disbursement of new notes to various post offices, admitted that Babu gave him old currency notes of Rs 500 and Rs 1,000 denomination total amounting to Rs 36 lakh and took new notes of Rs 2,000 for the same amount at Hyderabad GPO treasury.

CBI officials said searches were carried out at the residence of Babu and during interrogation he revealed that he exchanged the old currency notes worth Rs 36 lakh with the new notes of Rs 2,000 denomination.