A few months after demonetisation on March 21, 2017, the Income Tax Department conducted a search at Mr Gupta’s property in G.K Enclave-1, Delhi, where they found Rs 1.12 crore cash in Indian currency and Rs 4.34 lakh in foreign currency . As a result, he was promptly taken in for questioning by the tax department.
Gupta justified this huge amount of cash stash by saying that he was a director of a company and that company had withdrawn cash from its 11 bank accounts fearing further action related to demonetisation and kept it in Gupta’s house.
