New Delhi, Oct 11 (UNI) The Income Tax Department today clarified that there was no raid on Gautam Gambhir, a member of the Indian cricket team, but said searches have been conducted on six business and residential premises owned by his family in Delhi.
The searches were conducted on the basis of information that the family is involved in unaccounted "demand draft discounting", which means possession of financial instruments in lieu of cash.
"The searches are still continuing as inventorisation of large stocks is in progress", a release by the Department said here.
The raides started yesterday.
"Investments in various properties and bank accounts have come to light, which is being investigated", the release said.
The family is involved in textile business and deals mainly in trade of denim material, a source in the Department said.
Income Tax authorities, however, refused to specify the extent of assets seized, but added that another raid by the Department was conducted a year and half ago.
Gautam is recuperatng after being injured in the recent ODI series with Australia.
Meanwhile, sources said, the Department was also conducting raids on for or five groups involved in the manufacture and trade of pharmaceuticals and chemicals in Maharashtra and Gujarat. So far, information on assets or cash seized has not reached the Finance Ministry, the sources said.