Postal staff siphons off Rs 25.5 lakh invests it in cryptocurrency

CHENNAI: The Greater Chennai Police on Sunday arrested a 38-year-old staff of the Postal Department for allegedly misappropriating Rs 25.48 lakh from the T Nagar head post office, which he allegedly invested in cryptocurrency.

Police sources said that the complaint was filed at the Pondy Bazaar police station on Monday after a recent internal audit revealed the financial irregularities. According to the complaint, the funds were allegedly siphoned off using forged documents related to the purchase of stationery and furniture for sub-post offices under the jurisdiction of the head post office.

Officials said Rs 25 lakh was shown as the expenditure in 2024-25 for the procurement of stationery and furniture for 50 sub-post offices managed by the head post office. However, the audit revealed that the purchases were never made and documents were forged.

After registering a case based on a complaint from a senior official with the Postal Department, the Pondy Bazaar police arrested Manikandan, a Treasury Department staff. Police investigations revealed that he had misappropriated Rs 28 lakh but returned Rs 3 lakh and used the remaining money to invest in cryptocurrency and business enterprises.

Manikandan was arrested on Sunday. He was produced before a magistrate and remanded in judicial custody.