New Delhi: Cash deposits of Rs 15.39 crore made in a Delhi bank post demonetisation have been held as ‘benami’ property by a special court even as the depositor and the beneficial owner of the stash are “untraceable”.
The deposits were declared ‘benami in the ruling in one of the first adjudication cases of the new anti-black money law.
The Prime Minister Narendra Modi-led government had brought into force the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year, as part of its multi-pronged strategy to curb illicit wealth.
According to sources, 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 post demonetisation, deposited Rs 15,93,39,136 cash in old notes of Rs 500 and Rs 100 in the account of three firms, suspected to be fake.
After PM Modi’s declaration of the note ban on November 8 last year, the I-T department had warned people against depositing their unaccounted banknotes in accounts maintained by someone else.