Rs 15 crore cash deposits termed benami

New Delhi, Press Trust of India, Nov 27 2017, 1:24 IST

Cash deposits of Rs 15.93 crore made in a Delhi bank post demonetisation have been held as benami property by a special court. This is one of the first adjudication cases of the new anti-black money law, even as the depositor and the beneficial owner of the stash are untraceable.

The case pertains to Ramesh Chand Sharma, a resident of Naya Bazar area of old Delhi.

The Income Tax Department, as part of its drive against black funds post the note ban, had conducted a survey at the Kotak Mahindra Bank branch on K G Marg in December last year and found that Sharma had deposited Rs 15,93,39,136 cash in old notes of Rs 500 and Rs 1,000 in the account of three firms, suspected to be fake.