CBI has registered case against a Surat-based financier Kishore Bhajiawala in connection with recovery last week of Rs 1 crore in new currency notes during searches by the Income Tax department on him and others.
The agency, sources said, during the searches conducted at his residence and office seized another lot of currency notes totalling Rs 11.02 lakh.
The sources said a case of criminal conspiracy, cheating and forgery under Indian Penal Code and provisions of Prevention of Corruption Act has been registered against Bhajiawala, his two sons and Pankaj Bhatt, the Manager of Surat People’s Cooperative Bank.
The case emerges from an action carried out by the I-T department against Bhajiawala last week, as part of its anti-black money operations post-demonetisation, when they had seized alleged unaccounted assets worth Rs 10.50 crore from him.
The I-T sleuths had recovered Rs 1.45 crore, with Rs 1.05 crore in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
“The total value of the assets seized from the financier, who earlier worked as a ‘chaiwala’, is Rs 10.50 crore,” I-T sources had said.
The department had also searched over 13 of his bank lockers.