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Spl court terms Rs 15 crore cash deposit as benami

By Vicky

A special court has held benami deposits of Rs 15.93 crore made in a Delhi bank post demonetisation.

Spl court terms Rs 15 crore cash deposit as benami

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 KG 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.

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