IPSO booked for illegal exchange of notes

Syed Ali Ahmed

Tribune News Service

New Delhi, December 8

The CBI registered a case against an Indian Postal Service officer (IPSO) of the 2011 batch and arrested four others, including three post-office officials, for fraudulently exchanging scrapped currency notes worth Rs 2.95 crore with new ones in Hyderabad.

Sources said the new notes were meant for disbursement to public at various post offices in Hyderabad. IPSO, K. Sudheer Babu is tail at large and investigation is on, they said.

The arrested accused have been identified as G Sriniwas, G Ravi Teja and K Suresh Kumar, all post-office officials in Hyderabad, and Sheikh Abdul Ghani.

Searches at 11 places, including residential and office premises of the accused, in Hyderabad led to recovery of incriminating documents, laptops, mobile phones and Rs 17.02 lakh cash in Rs 2,000 denomination.

The case(s) has been registered “under Sections 120 B, 406, 409, 420, 477-A of IPC and Section 13(1)(d) of the Prevention of Corruption Act on allegations that certain public servants in criminal conspiracy with private persons had fraudulently exchanged demonetised notes of Rs 500 and Rs 1,000 with new notes, a CBI statement said.