Hyderabad: CBI conducts searches, probes into postal cash exchange scam

Hyderabad: Central Buruea of Investigation sleuths probing into postal cash exchange scam conducted searches on Monday on the office and residences of prominent businessmen in the city.

Sources said searches were conducted on the properties of Jyothy Computers owner Pandurangareddy at Barkatpura and that of Champapet jeweller Srinivas Reddy.

There was no cash recovered in any of these searches.

The searches were conducted following revelations made by one Narasimha Reddy, a mediator of senior superintendent of post offices Mr K Sudheer Babu who claimed that Rs 1 crore demonetized notes of Pandurangareddy and Rs 60 lakh cash of Srinivas Reddy were exchanged with the new currency.

CBI has served notice to the trio to appear before it on Tuesday for examination to know the facts of the case. CBI found that both Pandurangareddy and Srinivasreddy have no direct connection with Sudheer Babu.

Jyothi Computers has projects with both TS and AP governments.