Hyd post offices become centers of corruption

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A CBI raid followed by arrests of three postal staff has spilled the beans. The investigation revealed how post offices of Hyderabad became the illegal exchange points of demonetized currency.

Sleuths of Central Bureau of Instigation on November 24 conducted surprise checks at eight post offices in Hyderabad on the suspicion of malpractices to short circuit demonetization move.

The CBI found that three postal department officials fraudulently exchanging invalid currencies worth Rs 36 lakh with the newly introduced Rs 2000 notes.

The incident came to light only after the CBI raided the post offices on November 24.

Now, the investigation has revealed that the staff took 20 per cent commission for exchanging the demonetized Rs 500 and Rs 1000 currency notes with new Rs 2000 notes.


The CBI suspects that there are more postal department officials involved in the huge scam of currency exchange. The period between November 10 and November 15 is under scrutiny.

The officials involved with investigation say that the currency exchange racket could have bigger than they initially thought.

“There are over 70 post offices located in the city. It will take time to verify their documents as most of them are still using the traditional ledger instead of computerised entries. One can easily manipulate the entries at treasury level,” one of investigative officers said.

The agency suspects that the fraudulent exchange is not limited to only Rs 36 lakh. The actual amount of scam could be into crores of rupees as they are still scanning several other transactions made at different post offices.

According to CBI sources, the principal beneficiaries of this fraudulent money exchange racket are suspected to be the businessmen of the city.

The CBI is likely to make more arrests in this connection in the coming days.


The CBI has also received several complaints against many branches of banks, where fraudulent exchange of money allegedly took place.

According to CBI officials, some of the complaints of fraudulent exchange of currency notes look credible in nature.

Interestingly, the CBI has also got complaints against regional office of Reserve Bank of India, Hyderabad.

Following these complaints, the CBI has asked the general public to expose corrupt bank officials. The agency has asked the people in Telangana and Rayalaseema to report any incident of corruption concerning demonetization.

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