New Delhi, November 26 (PTI): 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 Sharma, reportedly a resident of Gali Laltain in 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, 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. The taxman found that immediately after the cash deposits were made, “demand drafts were issued to a group of non- descript individuals with a view to alienate the cash.” The department froze these DDs and attached these funds calling them ‘benami’. The department subsequently sent the order for confirmation to the Adjudicating Authority of the Act, as per the legal provision of this stringent law. The tax department, in a data updated till last month, had said that assets worth Rs 1,833 crore have been attached by it under this stringent new law, for which it issued over 517 notices and made 541 attachments. The law provides for a maximum punishment of 7 years in jail and a fine.