Crackdown on Black Money: Surat Police Seize ₹75 Lakh in Demonetised Notes, Arrest 4 Linked to Real Estate Sector
In a significant crackdown on black money, Surat Police have seized demonetised notes worth ₹75 lakh and arrested four individuals connected to the real estate sector.
DemonetisationBlack MoneyReal Estate SectorSurat PoliceMoney LaunderingReal Estate NewsJun 29, 2024
The arrested individuals, identified as Naresh Ranchhod Patel, Vineet Rajinikanth Desai, Mohammad Shadiq Mohammad Safi Sheikh, and Manish Rajput, are reportedly involved in land brokerage. The connections to the real estate sector have raised concerns about the potential misuse of the seized currency within the industry.
An investigation has been initiated to uncover the origins and intended usage of the demonetised currency. Questions are being raised about how these individuals acquired such a substantial amount of outlawed notes and the broader implications for financial crime in the region. The ongoing battle against organised crime and money laundering within the city limits is getting a major boost with this crackdown.
It's worth recalling that on November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of high-denomination currency notes, a move aimed at curbing black money and corruption. The decision, communicated via a late-night address on national television, also introduced new denominations of ₹500 and ₹2000 rupee notes, ushering in a period of economic reform amidst widespread public reaction.
Frequently Asked Questions
What is the value of the demonetised notes seized by Surat Police?
The value of the demonetised notes seized by Surat Police is ₹75 lakh.
How many individuals have been arrested in connection with the case?
Four individuals have been arrested in connection with the case.
What is the profession of the arrested individuals?
The arrested individuals are reportedly involved in land brokerage and are linked to the real estate sector.
What is the objective of the demonetisation move announced by Prime Minister Narendra Modi in 2016?
The objective of the demonetisation move announced by Prime Minister Narendra Modi in 2016 was to curb black money and corruption.
What are the new denominations of rupee notes introduced after demonetisation?
The new denominations of rupee notes introduced after demonetisation are ₹500 and ₹2000.
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