Delhi-based jeweller sold 200-250 kg of gold in just 4 hours on Nov 8

The Income Tax department on Friday identified Delhi's award winning gold trader who sold around 200-250 kg of gold between 8 pm and 12 midnight on November 8, the day demonetisaion was announced.

The Indian Express reported that the I-T officials are investigating a series of "suspicious" sales in cash totalling nearly Rs 100 crore.

"The department found that Kundan Care Products Ltd (KCPL) sold around 200-250 kg of gold from these outlets that night, of which sales worth nearly Rs 75 crore were recorded within those four hours at one outlet in the Kucha Mahajani area of Chandni Chowk," the Indian Express report said.

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KCPL had won the India International Gold Convention's Promising Bullion Refinery of the Year award for 2015-16.

The IT officials also tracked the deposit of Rs 90 crore that KCPL had made since the demonetisation. All the amount was in old currency which was scrapped on November 8.

"I-T sleuths were led to KCPL's deposit while investigating various deposits at Axis Bank post-demonetisation. They said that investigators found that the company had allegedly not recorded its gold stock in account books at the Kucha Mahajani shop on the night of November 8," the report said.

Earlier on Friday, the Income Tax sleuths raided an Axis Bank branch in the national capital and found 44 fake accounts with around Rs 100 crore deposit since the demonetisation.