CBI conducts raid, finds crores exchanged for commission at post offices

Surprise checks conducted by the Central Bureau of Investigation (CBI) and vigilance officials of the postal department at different post offices in the city late November, following demonetisation have found misappropriation of new currency notes to the tune of Rs 2.95 crore, the probe agency said on Friday.

Four persons have been arrested as part of the investigation and remanded in judicial custody by a court, a release said.

CBI and Anti-Corruption Bureau (ACB), Hyderabad have registered three separate cases to investigate the alleged frauds, it said.

Investigation so far has found that "a senior postal official has 'dishonestly and fraudulently' exchanged crores of rupees with various businessmen for a commission," the release said.

He had been absconding for the last few days but has surrendered and was now being interrogated, it added.