Rs 15 cr cash deposits made after demonetisation declared benami

The depositor and the beneficial owner of the stash have gone "untraceable" since the action was launched against them by the I-T Department

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.

The case pertains to one Ramesh Chand