Income Tax authorities on Thursday said fixed deposit receipts for about Rs.90 crore were recovered in a raid on the Madhya Pradesh residence of Bauxite magnate Pawan Mittal who claimed that all his wealth was accounted for.

IT officials said they suspect money laundering through two “bogus” companies in Kolkata. Disputing this, Mr. Mittal said the companies named by the IT officials are dealing with investments and the Mittal family hold shares in them.

“Nothing is unaccounted for including cash, jewellery and property”, he said when his response was sought on the IT raid.