Vijayawada: Vendor gets notice from I-T department for Rs 18 crore in his account

Vijayawada: Income-tax sleuths are investigating the bank accounts of a small-time chocolate vendor, where transactions of a whopping Rs 18 crore have been processed during demonetisation in November last year. The account holder is Kishori Lal and the bank is Renuka Mata Multistate Co-operative Bank.

The income-tax department has sent a notice to Mr Lal and demanded an explanation on the cash transactions. Shocked with the I-T notice, Mr Lal has claimed innocence and has said that he does not have a clue about the transactions that have taken place from his account.

Further investigation has led the I-T officials to come to the conclusion that Mr Lal is a small-time trader and has neither the possible sources of such income nor the contacts who would have such huge earnings.