ED attaches properties of Postal official in illegal currency exchange case

Hyderabad Desk

Hyderabad: The Directorate of Enforcement (ED), Hyderabad, has attached movable properties worth Rs. 6.57 Lakh belonging to K. Sudheer Babu, a senior officer of the Postal Department and his associates Vaddi Narsimha Reddi, T. Nithin and M. Sudarshan, under the provisions of the
Prevention of Money Laundering Act (PMLA), 2002.

The ED initiated investigation on the basis of four FIRs registered by Central Bureau of Investigation, Hyderabad under various sections of IPC, 1860 and Prevention of Corruption
(PC) Act, 1988 against Kandula Sudheer Babu (K. Sudheer Babu). The accused were arrested for illegally exchanging old with new currency during demonetisation in 2018.

K. Sudheer Babu, Senior Superintendent of Post Offices, Postal Department, Hyderabad City Division along with the other accused persons had allegedly exchanged the demonetized currency notes with the new currency notes, which were meant for disbursal to the common public the tune of Rs. 3.75 Crore, said ED officials.

According to the ED, Sudheer Babu abused his official position and in connivance with his associates, exchanged old currency notes with new currency notes taken by him from various post offices under his jurisdiction in Hyderabad and illegally made commissions to the tune of Rs. 87.19 lakh. To conceal his crime, he kept the money with his relatives.

Out of the Rs 87.19 lakh, ED officials attached Rs. 6.57 Lakh from the bank accounts of Sudheer Babu (Rs. 5.64 lakh), M. Sudarshan (Rs. 29,000) and Vaddi Narasimha Reddi (Rs. 64,000).

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