Income tax (I-T) officers raided the residences, offices and other establishments, including a private hospital, of city-based cardiologist S.C. Jain and his business associates across Ranchi, Bokaro and Calcutta (in Bengal) on Thursday for alleged tax evasion and wrongful accommodation of demonetised currency notes.

Jain, Raj Kumar Agrawal and Rajesh Adukia are promoters of Orchid Medical Centre on HB Road in the state capital, while Manoj Drolia is the chief supplier of medicines to the heal hub.

The 65 I-T officers, who are conducting the raids led by joint director (investigation) Pranav Kumar Kole, deputy commissioner Ranjeet Madhukar and deputy director (investigation) Mayank Mishra, have so far unearthed over Rs 10 lakh cash, around 80 bank accounts, 10 bank lockers besides investments and unaccounted immovable property running into crores.

Apart from Orchid hospital and Jain's flat at Rudrakash apartment in Lalpur, searches were carried out at the Burdwan Compound residence of Agrawal, a builder.

Both Agrawal and Adukia have considerable stake in the aluminum industry. In Ranchi, the I-T sleuths raided their enterprises, Akash Aluminum and Prakash Aluminum, on Lalji Hijri Road, while one of their units in Bokaro, Swastik Aluminium, and office-cum-factory in Calcutta were searched too.

Drolia's business and residential premises at Upper Bazar and Kanke, Ranchi, faced scrutiny.

According to sources, the I-T department has stumbled upon a company, Park Avenue Fine Base Private Ltd, floated by Agrawal, which is suspected to exist on paper only.

"Action was taken on the basis of intelligence inputs about tax evasions by the four. Some recovery has been made that can't be disclosed now," said a senior I-T officer.