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Home / Latest News / Man who deposited Rs.15.93 Crore in Bank, post Demonetization, goes untraceable

Man who deposited Rs.15.93 Crore in Bank, post Demonetization, goes untraceable

November 28, 2017:

Account holder could not be traced since the action was launched against him by the I-T Department.

Black Money unlocked
Black Money unlocked

Recently a huge Cash deposits of Rs 15.93 crore made in a Delhi bank post demonetisation has been held as ‘Benami’ Property by a special court since the depositor and the owner of the stash is”untraceable”.

The Cash deposits were declared ‘Benami’ in the ruling of the Court in one of the very first adjudication cases of the new anti-black money law by the Judiciary.

BJP and 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 prevailing in the Country.

The instant case pertains to one Ramesh Chand Sharma, who is said to be a resident of Gali Laltain in Naya Bazar area of old Delhi.

As part of its drive against black funds post the note ban, the Income Tax Department, had conducted a survey at the Kotak Mahindra Bank branch on K G Marg in December last year. During which they found that Sharma, post demonetisation,  had 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.

The Tax Authorities found that immediately after the cash deposits were made, “demand drafts were issued to a group of non- descript individuals with a view to transfer the cash.” The IT department had frozen these DDs and attached these funds calling them ‘benami’.

The Tax department later on sent the order for confirmation to the Adjudicating Authority of the Act, as per the legal provision promulgated for this stringent law.

The Bench observed that he material gathered through the search, consequent enquiry clearly leaves no room to doubt that the said amount aggregating to Rs 15.93 crore (approx) in accounts of…is a benami property.

It was ruled that the said Ramesh Chand Sharma is the benamidar and the true identity of the beneficial owner is not known.”

The Judicial order was passed by the division bench of the Authority, consisting of Mukesh Kumar (Chairperson) and Tushar V Shah (Member-Law).


Field enquiry by the Inspector too revealed that nothing was known about such person in the neighbourhood also.


No one claimed the money even after the taxman attached it as it was black and apparently the person(s) concerned “decided to remain quiet and forego the amount rather than to reveal themselves to the law.

Such an act would attract criminal charges under the Benami Act and is applicable on both movable and immovable properties.

The Income Tax Department is the nodal department to enforce the Benami Act in the country.

The relevant law provides for a maximum punishment of seven years in jail and a fine.

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