Searches started a few days ago and were still continuing, an I-T department source said here.
Till now Rs 5 crore cash has been seized, they said.
"We conduct searches at Zaveri Bazar every year," the source said.
The objective is to find out if hawala operators are using such private safe deposit vaults.
I-T sleuths have till now searched the offices of 34 vault service providers, and the traders whose gold they were securing are also being questioned.
Mumbai: Searches are being conducted by the Income Tax Department at the offices of the operators who offer safe-vault services to small-time gold traders at Jhaveri Bazar here to unearth 'hawala' transactions.
First Published: Saturday, November 10, 2012, 13:52