CBI recovers Rs 65 lakh in new notes from postal official in Hyderabad

New Delhi: CBI has recovered Rs 65 lakh of new currency in Rs 2,000 denomination from the Senior Superintendent of Post Offices, Hyderabad in connection with its probe in the note exchange racket.

K Sudheer Babu, the Senior Superintendent of Post Offices, had kept this amount as his commission for allegedly exchanging over Rs 3.75 crore of old currency with the new one, CBI said in a statement.

"The money seized was the commission of K Sudheer Babu, as he kept it aside as his share, out of Rs 3.75 crore, which he misappropriated by fraudulently exchanging old currencies for new currencies from the post offices falling under his division. So far, CBI has seized Rs 92.68 lakh of new currency in Rs 2,000 denomination, in these cases," it said.

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

CBI and ACB, Hyderabad, have registered four separate cases to investigate the alleged frauds, it said.

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

Babu, who had been absconding for last few days, was nabbed on Friday.