Bhopal, Dec 21  Income Tax department sleuths in Madhya Pradesh raided BJP leader Sushil Vaswani's residence here, officials said adding that the search operation was on till late Wednesday evening.

According to officials, the I-T teams simultaneously raided Vaswani's residence in Bairagarh area on the outskirts of Bhopal, hotels owned by him and the Mahanagar Cooperative Bank right from early morning on Tuesday.

Vaswani is accused of laundering money after the November 8 demonetisation move as well as being involved in the business of exchanging large amounts of old notes for new ones through the Mahanagar bank.

During the raid, huge amounts of gold and silver jewellery were recovered and two hotels, a number of houses and various other properties also unearthed, officials said.