Delhi Transport Minister Kailash Gahlot on Saturday rubbished the news that the Income Tax Department (ITD) recovered Rs 35 lakh during the raids.
Gahlot said that valuables found from his Vasant Kunj resident were all accounted for.
The IT department has been carrying out raids for the last four days on at least 16 locations linked with the minister.
Earlier on Saturday, officials had claimed that about Rs 35 lakh in cash was seized, PTI reported.
"A deliberate act of spreading disinformation with a view to cover up the abysmal failure of the Income Tax Department, is now being circulated by vested sources," said the statement issued on behalf of Gahlot.
"Some rumours being spread are recovery of Rs 35 lakh of unaccounted money while the truth is that a sum of Rs 11 lakh in cash (duly accounted for) was only found at the premises of Kailash Gahlot," it claimed.
"Another sum of Rs 24 lakh was admittedly related to family of his elder brother," it claimed further.
The statement alleged that the I-T officers purportedly searched for around 60 hours and could only recover Rs 11 lakh, the amount which was duly accounted for in Gahlot's books.
"The search was a complete failure and as per information available all money recovered and the jewellery recovered were duly accounted for and thus no seizures were made," the statement said.
The minister's legal team further alleged that the October 10 raid at Gahlot's flat was over within the first few hours but on the "insistence" of senior officers of the department, the I-T officials did not leave the premises for 60 hours.
The IT officials did not even spare the minister's children and even rummaged through their school books, copies and searched their beds, it claimed.
"Further the rumours which are being spread are of recovery of jewellery worth Rs 2 crore, while the truth is that jewellery belonging to (the) wife of Kailash Gahlot (assessed at current market rate) of Rs 28 lakh (duly accounted for) was only found along with jewellery belonging to his mother-in-law of (assessed at current market rate) of Rs 41 lakh (duly accounted for) was found," the statement claimed.
It also refuted "rumour" that Benami properties worth Rs 100 crore were found during the raids.
"Not a single document was recovered for any property from the residence of Gahlot," it claimed.
Gahlot was a "successful" lawyer and was engaged in business of Brisk Infrastructure and Developers Pvt Ltd and Corporate International Financial. He resigned from the directorship of these companies in 2015 after filing nomination for Delhi Assembly election that year, claimed the minister's legal team.
"He has no direct control over the working of these companies. No documents of these companies were found at the residence of Kailash Gahlot," it claimed.
Alleging that stories were being planted by I-T department on the behest of the Central government, the statement asserted to give "a befitting legal response" to the attempts to "harass and intimidate" Gahlot.
(With Agency Inputs)