On probing the transactions through these accounts, the investigators have found that a jeweller made transactions to the tune of Rs 800 crore, of which Rs 200 crore were for purchases while the remaining Rs 600 crore came from gold sales.

On December 15, the vigilance unit of the Income Tax department raided the Noida Sector-51 branch of Axis Bank and found that nearly Rs 60 crore was deposited in accounts of 20 fake companies.

According to sources, when quizzed by the investigators on the huge difference between sales and purchase transactions, the jeweller could not provide an answer.

In yet another account scrutiny, the investigators found a Mumbai-based jeweller made Rs 100 crore in sales between 8 pm and 12 midnight on November 8.

The jeweller, said sources, claimed that he sold gold to 5000 customers, and each transaction was less than Rs 2 lakh.

At this, the investigators asked him how did he manage to achieve such sales figure by spending barely 15 seconds per customer. The jeweller had no reply to this.