The CBI has recovered INR 70 lakhs in new currency near Hyderabad in a raid on relatives of a postal officer, who was previously arrested for apparently being involved in illegal exchange of new currency notes, police officials said on Saturday. All in new currency notes of INR 2,000 was seized on friday during the raids in Ibrahimpatnam, Ranga Reddy district. The CBI registered three cases and arrested four accused, including Sudheer Babu (senior superintendent of a post office).

Sudheer Babu reputedly reached over new currency notes of INR 2,000 denominations and valued INR 2.95 Crores to intermediary for a commission basis. He took the new currency notes from the money sent to the postal department for exchange of demonetised notes of INR 500 and INR 1,000. The CBI has booked cases against two assistants in office of senior superintendent of post office and officials of three post offices in Hyderabad for enact deformity in criminal stratagem with Sudheer Babu. The investigation agency in earlier recovered INR 17.02 lakhs in new currency notes of INR 2,000 denomination. 

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