CBI conducts searches probes into postal cash exchange scam in Hyderabad
CBI searches were conducted following revelations made by one Narasimha Reddy.
Central Buruea of Investigation (CBI) sleuths probing into postal cash exchange scam conducted searches on Monday on the office and residences of prominent businessmen in the city of Hyderabad.
Here sources said searches were conducted on the properties of Jyothy Computers owner Panduranga reddy at Barkatpura location and that of Champapet jeweller Srinivas Reddy and there was no cash recovered in any of these searches as per the report.
CBI searches were conducted following revelations made by one Narasimha Reddy and a mediator of senior supervisor of post offices Sudheer Babu K who demanded that 1 crore rupees demonetized notes of Pandurangareddy and Rs 60 lakh cash of Srinivas Reddy were exchanged with the new currency as per the report.
As report from CBI has served notice to the trio to appear before it on Tuesday for inspection to know the facts of the case, and Central Buruea of Investigation found that both Pandurangareddy and Srinivasreddy have no direct connection with Sudheer Babu. Jyothi Computers has projects with both Telangana and Andhra Pradesh governments CBI said to the reporters.