Mumbai, Aug 11 (IANS): The Income Tax Department has seized cash and valuables worth Rs 390 crore following a raid on the premises of Maharashtra's Jalna businessman, who deals in garments, real estate and in steel.

I-T department's 260 officials divided into five teams carried out a week-long raid. The agency used 120 vehicles to carry out this raid.

Sources said that they seized around Rs 58 crore in cash, 32 kg gold and valuable stones.

The source also said that it took 13 hours to count the cash.

"It was a week-long raid that started from August 1. Our Nasik Branch team got the tip off following which the raids were conducted. Seeing the gravity of the matter we formed teams of 260 officials divided into five teams. We also used 120 of our vehicles in the raid," the source said.

The source said that the cash recovered from the premises of garments and steel businessman was taken to Nasik branch of State Bank of India, where it was counted for hours. The bank employees started counting the cash at around 11 a.m., which went on till 1 a.m.

The I-T department got the tip off that there were irregularities in the accounts of four steel companies after which the teams swung into action.

The team of 260 officials raided the factories but they didn't recover anything. Later they raided a farm house where they found the huge cash and valuables.