India, May 16 -- The Income Tax (I-T) Department seized cash and jewellery worth Rs.20 crore in Nanded during multiple raids carried out at residential and official premises of a business group that runs firms involved in private finance, including by a multi-state co-operative bank. The searches began over the weekend and continued till Friday night, I-T sources said.

The I-T sources said the searches were conducted against the firms on suspicions related to their involvement in financial irregularities, including tax evasion and unaccounted financial transactions. The seizures of the cash and the jewellery were made on suspicions of them being proceeds from unaccounted financial transactions aimed at evading tax payment, an IT source s...