Hyderabad: The Central Bureau of Investigation (CBI) on Friday arrested the prime accused in the postal cash exchange scam, K Sudheer Babu, and two other accused, T. Nitin, 37, and V. Narasimha Reddy.
Nitin is a law student at Pendekanti College, and V. Narasimha Reddy is an Australian citizen, who is originally from Andhra Pradesh. They collected the money in old demonetised notes from their friend Sudheer Babu, Hyderabad postal department head, and exchanged it for new Rs 2000 notes for a commission of one or two per cent. Sudheer Babu is a close friend of T. Nitin as they had prepared for the civil services exams together.
The CBI believes Sudheer Babu has misappropriated funds to the tune of Rs 2.95 crore.
Nitin and Narasimha Reddy actively assisted Sudheer Babu in committing this currency exchange fraud.
The CBI has booked three cases so far regarding the fraud committed at the Himayatnagar, Golkonda and Karwan Sahu sub-post offices.
Around Rs 17.02 lakh of new currency notes has been recovered, seven persons have been arrested, 55 incriminating documents, some laptops and mobile phones have been seized and searches conducted at 11 places in Hyderabad city.
