The Central Bureau of Investigation (CBI) officials today conducting simultaneous raids on as many as eight post offices in Hyderabad city in the wake of information that postal staff are exchanging higher value notes for a commission.

The CBI officials have reportedly seized Rs 40 lakh cash in Himayatnagar Post Office. The raids are going on General Post Office in Abids, where they have been inspecting in the first floor since morning. Other post offices include Narayanguda and Chikkadpally.

They are questioning postal staff, inspecting their records and cash reserves related to transactions from November 9 onwards. It may be recalled that while announcing demonetization, the government had announced public can exchange their old notes at post offices also.

Make use of this provision, some postal staff are allegedly exchanging huge volume of cash from back door at a commission of 30 per cent.It was found large amounts of old notes were deposited in saving accounts, violating regulations. So these raids may continue…..this is primary initial reports….