Income Tax (I-T) department officials have seized cash, luxury cars, a diamond-studded watch and expensive jewellery during their ongoing raids on Kanpur-based Tobacco firm Banshidhar Group.

The officials are conducting simultaneous raids at 16 locations across Gujarat, Uttar Pradesh, and Delhi and they seized huge amounts of cash and a diamond-studded watch.

On the second day of the searches, the income tax officials went to the house of Shivam Mishra, the son of KK Mishra, the owner of Banshidhar Group, an official said.

According to sources, KK Mishra had declared assets around Rs 25 and 30 crore, but the luxury cars parked on the premises of his house were worth more than Rs 60 to 70 crore.

The raids at Bansidhar Tobacco Private Limited began on Thursday evening.  The Income Tax Department has alleged that the tobacco company, which supplies raw materials to other firms, evaded filing taxes and GST on a large scale.

On Friday, the I-T department seized cash worth Rs 4.5 crore from spots linked to the company and luxury cars were found at Mishra’s Delhi residence.

Meanwhile, preparations are underway to launch action on another big tobacco company, that bought the raw materials from Bansidhar Tobacco Private Limited.