New Delhi [India], January 3 (ANI): The Enforcement Directorate (ED) on Friday conducted searches at the residence of DMK General Secretary and Tamil Nadu Water Resources Minister Duraimurugan in an alleged money laundering case linked to alleged violations of Reserve Bank of India (RBI) guidelines and cheating by bank officials during the demonetization period.
The raids have been underway since morning at four locations in the Vellore district of Tamil Nadu, connected to Duraimurugan, as well as other accused individuals.
The investigation pertains to alleged violations of RBI guidelines and cheating by bank officials, who are accused of illegally facilitating the exchange of Rs 200 notes for Rs 500 and Rs 1,000 notes.
The case under investigation by the ED stems from an alleged violation of RBI guidelines. This alleged malpractice reportedly enabled certain individuals to bypass the restrictions imposed by the government during demonetization, which aimed to curb black money and counterfeit currency.
The ED’s raids at locations connected to DMK General Secretary and Tamil Nadu Water Resources Minister Duraimurugan, among others, are part of efforts to uncover the extent of these alleged irregularities and identify those involved in the conspiracy.
The Centre on November 8, 2016, decided to cancel the legal tender status of Rs 1,000 and Rs 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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