Hyderabad: Income-Tax department has unearthed more than Rs 100 crore worth of black money converted into gold by a reputed jeweller in Banjara Hills. What is interesting is that the CCTV cameras installed in the shop had come as a major source of evidence for the IT department. According to IT department sources, the modus operandi adopted by the jeweller was that he had shown to have received advances of around Rs 2 lakh in old high denomination notes of Rs 1,000 and Rs 500 from about 5,000 customers who wanted to buy gold worth Rs 5 lakh. What is more interesting is that the CCTV cameras were on when the transactions took place. The IT sources said that on examining the CCTV footage they realised that the shutters of the shop were closed at 8 pm on November 8 and transactions and preparation of bills took place thereafter. His story turned interesting for the IT officials as the jeweller explained that he had carried out the business transactions within four to five hours in a single day. These transactions were carried out from 9 pm to midnight on November 8, 2016, the IT officials said. Further, the jeweller did not take any proof of address, PAN number or phone numbers from 5,000 odd customers and he had bypassed Know Your Customer norms by splitting the bills into less than Rs 2 lakh. Backed by these transactions, the IT officials on verification found that the jeweller deposited Rs 100 crore in old high denomination notes from November 10 to 17, 2016. Records show that prior to the demonetisation, the two concerns in which the jeweller had shown sales were never so high. What is more interesting is that the CCTV cameras were on when the transactions took place. The IT sources said that on examining the CCTV footage they realised that the shutters of the shop were closed at 8 pm on November 8 and transactions and preparation of bills took place thereafter. IT officials have referred the case to the Enforcement Directorate, the sources added. Now the ED is investigating the case and is likely to take action against the jeweller under the Prevention of Money Laundering Act (PMLA) provisions of the Income Tax Act (ITA) as well as the Benami Properties (Prohibitions) Act.