Jaipur: Income Tax officials seized Rs 94 lakhs in cash and deposits amounting to Rs 3.78 lakh during raids on five big groups dealing in gem-jewellery, marble mining, petrol pump, tanker transportation, contracts, and money laundering in parts of Rajasthan, according to an official release today (Jan 30, 2004).

The assesse groups have instantly surrendered the "undisclosed" income of Rs one crore on the basis of their assets and documents seized by IT officials during the raid at their shops, residences and factory in Udaipur, Kherwada an Dungarpur cities, M N Verma, the director general of said.

A total of 27 premises of these groups were raided during the simultaneous action yesterday (Jan 29, 2004), Verma said.

The "unexplained" assets were likely to increase to several crores of rupees when a detailed investigation of the seized documents was completed, he said.

The documents in the form of ledger, diaries, cash sheets and agreements had shown that several transactions noted there were not found recorded in the books of accounts, Verma said.

A pocket diary alone contained details of cash transactions of above Rs 70 lakh, he said.

A few more premises like showroom of jewellery, shops and factory were yet to be searched, the DG said.

The searches were still on and would be completed in a day or so, he added.