meerut the income tax department conducted raids at two shops in saraffa bazaar here on wednesday and reportedly seized unaccounted cash of rs 48 lakh in new currency notes and incriminating documents from them the raids started early in the morning and continued till late in the night were conducted by a team of it officials led by m k jain joint director investigation the two shops aaliyana bullions which belongs to hari om and shiv jewellers which belongs to manmohan agarwal later the houses of both shop owners were also raided highly placed sources with the department said unaccounted cash of rs 48 lakh in new currency were seized from shiv jewellers and incriminating documents were seized from aaliyana bullions the documents need further investigation we will get a clear picture after the investigation is concluded the raids were carried out after it officials got a link of both the jewellers to bogus accounts post demonetisation which were allegedly used to stash old currency notes and then transfer them to their accounts under rtgs from jammu and kashmir bank in delhi similar raids were also conducted in delhi and ghaziabad the bullion market remained closed on wednesday as jewellers were caught unaware for the search and survey operation carried out by the it department in neel gali of saraffa bazaar it officials said the operation was conducted in the market area after 30 years meerut bullion association general secretary sarvesh agarwal told toi we have always cooperated with income tax officials but they should not try to harass traders there was a wedding at hari om jis house still raids went on till late in the evening