Surat, June 29 (IANS): Demonetised Rs 500 and 1,000 notes with a face value of Rs 75 lakh were seized from Surat in Gujarat, and four people were arrested in this connection.

Acting on intelligence input, Surat Police raided a residence in Bhimpore village and the arrests were made. Of the four people arrested in connection with the case, three hail from Surat while one resides in Navsari.

"The suspects - identified as Naresh Ranchhod Patel, Vineet Rajinikanth Desai, Mohammad Shadiq Mohammad Safi Sheikh, and Manish Rajput - are linked to the real estate sector, specifically engaged in land brokerage. This connection has raised suspicions about the potential misuse of the seized currency within the real estate domain," sources said.

"Authorities have initiated an investigation into the origins and intended usage of the demonetised currency. Questions loom over how these individuals acquired such a substantial amount of outlawed notes and the broader implications for financial crime in the region. It is an ongoing battle against organised crime and money laundering wthin the city limits." added sources.

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.