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Enforcement Directorate (ED), Hyderabad, has taken action in a significant money laundering case involving K. Sudheer Babu, a senior officer of the Postal Department, and his associates. Movable properties worth Rs. 6.57 lakh have been attached under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation, initiated based on FIRs registered by the Central Bureau of Investigation (CBI), Hyderabad, revealed allegations against K. Sudheer Babu and others. It was reported that following demonetization, Babu and his associates exchanged demonetized currency notes meant for public disbursal in an unauthorized manner, totaling Rs. 3.75 crore.
Further investigation by the ED uncovered Babu’s abuse of his official position to exchange old currency notes with new ones from various post offices under his jurisdiction in Hyderabad. This illicit activity resulted in proceeds of crime amounting to Rs. 87.19 lakh, derived as commission.
“To conceal these illicit gains, Babu allegedly transferred the proceeds to his relatives. Subsequently, the ED has attached Rs. 6.57 lakh from the bank accounts of Babu and his associates, M. Sudarshan and Vaddi Narasimha Reddi, through a Provisional Attachment Order dated March 20, 2024”.
The enforcement action underscores the ED’s commitment to combating financial crimes and ensuring accountability among public officials. Investigations into the case continue, with the agency working diligently to unravel the full extent of the money laundering scheme and bring those responsible to justice.
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