HYDERABAD: Former Senior superintendent of post offices, Hyderabad City division, K Sudheer Babu, the kingpin in postal fraud amounting to Rs 3.75 crore, wanted to cash upon demonetisation by diverting Rs 10 crore in the process of exchanging old notes.
Sudheer Babu, prime accused in the irregularities, has allegedly confessed before the officials of the Cental Bureau of Investigation during his custody. Sources said the accused, who has contacts with businessmen and middlemen, diverted the cash to private parties at a commission.
“By assuring to deal with the legal issues, if any, during the illegal exchange of cash, he brought pressure on the postal employees forcing them to commit the offence,’’ sources said.
Meanwhile, CBI officials are verifying the details collected during interrogation of the accused in police custody by cross checking the documents, remittance bills and records seized at the time of surprise checks.
Based on confessional statements of Sudheer Babu, similar raids and checks are likely to be carried out on other post offices.
Officials suspect that Sudheer Babu might have hidden a huge cache of cash in Rs 2,000 denomination with his friends and relatives. Earlier, the CBI unearthed Rs 65.66 lakh, in new notes, at his relatives’ residences.
The CBI officials have registered four cases against him. They also questioned postal employees who were arrested earlier in connection with the offence.