I-T raid: Rs 16 cr seized from Bharat Shah's premises

Around Rs 16 crore (Rs 160 million) of concealed income has been found from searches on the seven premises of diamond merchant and film producer Bharat Shah in Mumbai, Income Tax authorities said on Thursday.

"Searches on his seven premises which were conducted recently has revealed concealed income to the tune of around Rs 16 crore," reliable sources said.

The searches started on March 13 by a team of about 50 officers. Offices owned by Shah in Mehta Bhavan at Opera house and his apartment in Swapna Lok building in Napean sea road were among the premises that were searched.

Shah has produced many hit movies including blockbuster film 'Devdas' starring Shahrukh Khan, Madhuri Dixit and Aishwarya Rai.