The Enforcement Directorate (ED) on Friday conducted an 11-hour raid at the residence of DMK General Secretary and Tamil Nadu Water Resources Minister Duraimurugan in Vellore district. The raid, which began on Friday afternoon concluded at 1:35 AM.
ED conducted the raid at Duraimurugan's residence as part of its ongoing investigation into an alleged money laundering case connected to violations of Reserve Bank of India (RBI) guidelines and cheating by bank officials during the demonetization period.
The raids were carried out by the ED at four locations in Tamil Nadu's Vellore district, connected to Duraimurugan and other accused individuals.
The ED is investigating an alleged violation of RBI guidelines and cheating by bank officials who reportedly facilitated the illegal exchange of ₹200 notes for ₹500 and ₹1,000 notes during demonetisation.
This malpractice allowed individuals to bypass government restrictions aimed at curbing black money and counterfeit currency.
The ED's raids, including those at locations connected to Duraimurugan, were part of efforts to uncover the extent of these irregularities and identify those involved.
The Centre on November 8, 2016, decided to cancel the legal tender status of ₹1,000 and ₹500 denomination currency notes with several objectives, including flushing out black money, eliminating Fake Indian Currency Notes (FICN), striking at the root of financing of terrorism and left-wing extremism, to convert non-formal economy into a formal economy to expand tax base and employment, and to give a big boost to digitalisation of payments to make India a less cash economy. (ANI)
{{/usCountry}}The Centre on November 8, 2016, decided to cancel the legal tender status of ₹1,000 and ₹500 denomination currency notes with several objectives, including flushing out black money, eliminating Fake Indian Currency Notes (FICN), striking at the root of financing of terrorism and left-wing extremism, to convert non-formal economy into a formal economy to expand tax base and employment, and to give a big boost to digitalisation of payments to make India a less cash economy. (ANI)
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