The Income Tax (I-T) department conducted searches at the residences, offices and factories of steel makers in Maharashtra's Jalna. In this search as many as Rs 390 crore worth of assets.
According to the reports, the accused include prominent land developer and businessman Aurangabad.
A report in the Hindustan Times stated that the searches have led to seizure of Rs 58 crore in cash, 32 kg of gold jewellery, diamond and pearl jewellery worth Rs 16 crore and important documents and unaccounted assets worth Rs 300 crore.
The report stated that four major steel makers from Jalna were purportedly indulging in cash transactions and evaded income tax by not showing records of excess revenue.
Reportedly, the raids were conducted by five teams of Nashik IT officials along with local officials and staff. The raid, reports state, happened from August 1 to August 8.
The HT report stated that officials found cash under cupboards, beddings and some were stacked in bags. The money was recovered from a farmhouse outside Jalna after they couln't find much at their residences.
The IT department has also seized their land, legal documents of the bungalow and other important documents related to bank transactions etc, the report read.