As investigative agencies continue to crack down on the financial crimes across India, a new breed of middlemen has emerged after demonetization. These individuals— many of who do not have a criminal background—are targeting banks, and, more recently, post offices, making them a hub for illegal activities.
As investigative agencies continue to crack down on the financial crimes across India, a new breed of middlemen has emerged after demonetization. These individuals— many of who do not have a criminal background—are targeting banks, and, more recently, post offices, making them a hub for illegal activities.
One of the men on the CBI’s radar is K Sudheer Babu. Accused of masterminding illegal activities in the registered post offices in Hyderabad, Babu, who belongs to the 2011 cadre of the Indian Postal Service (IPS), was serving as the Senior Superintendent of Post Office, Hyderabad City Division, when his name popped up on the CBI’s radar.
Four others working with him — Shaikh Abdul Ghani, G Ravi Teja, K Suresh Kumar and G Srinivas — have been arrested. Babu, however, is absconding.
The modus operandi of Babu and his men was simple. Investigating officials revealed that old currency notes of Rs 500 and Rs 1,000, exceeding the limits announced by RBI, were brought into post offices and banks in Hyderabad for replacement and then fraudulently exchanged for new Rs 2,000 notes. Officials estimate that the total amount involved in illegal transactions from these post offices in Hyderabad was Rs 2.95 crore.
“The criminal cases so far have been reported from Hyderabad city but investigators are keeping a close watch on post offices across India,” said a CBI source. Sources also added that searches have been conducted at 11 places so far which include residential/office premises of the accused persons in Hyderabad.
They add that incriminating documents, laptops and mobile phones with cash worth Rs 17.02 lakh in new currency notes of Rs 2,000 denominations were seized.
These middlemen carried out the crimes almost after the Prime Minister’s announcement on demonetization. CBI sources said that the first case was registered on November 24. In this case, an individual, yet to be identified, brought in Rs 36 lakh into the post office of Hyderabad City Division, when the CBI revealed that Babu instructed G Revathi, the Sub Post Master (SPM), Himayat Nagar branch, to falsify records that this money in new currency notes had been disbursed to multiple individuals. This however was not the case.
Further investigations have revealed that apart from the four officials arrested, close to half a dozen post office officials are currently under the scanner of the CBI. In three fraud cases filed between November 24 and December 6, these officials are alleged to have involved in illegal activity, along with two office assistants.
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