CBI to swoop down on a PSU bank

​Hyderabad: After the post offices, the Central Bureau of Investigation (CBI) is likely to raid certain branches of a nationalised bank in Andhra Pradesh and Telangana for allegedly helping sand mining syndicate led by Shekhar Reddy.

It may be recalled the Income Tax sleuths seized Rs 106.52 crore and 127 kg gold from more than half a dozen locations in Chennai on November 8.

All the premises belonged to Shekhar Reddy and his agents. During the searches by the IT sleuths, more than Rs 20 crore in Rs 2,000 denomination was found.

The IT sleuths discovered that some officials of different branches of a nationalised bank in Telangana and Andhra Pradesh helped Shekhar Reddy in pooling the new currency notes, sources said.

This information was shared with the CBI officials who were waiting for instructions to swoop down on the branches of a nationalised bank.

A senior official confirmed that officials of a nationalised bank did help Shekhar Reddy and they were only waiting for instructions to launch raids.

Sources said some officials of the nationalised bank handed over crores of rupees in Rs 2,000 denomination to Shekhar Reddy in return for huge commission.

It amounts to corruption, misuse of official position and criminal conspiracy.