Kochi, Aug 12 (PTI): Income tax raids on residences and business establishments of Malayalam superstars Mammootty and Mohanlal have revealed undisclosed assets worth about Rs 30 crore, a top I-T official said today.

"Inquiries so far have indicated undisclosed assets worth approximately Rs 30 crore," E T Lukose, Director General of Income Tax (Investigation), Kochi said in a statement here. Cash and jewellery amounting to Rs 2.8 crore were seized during simultaneous raids at their residences and business premises across Kerala, Tamil Nadu and Karnataka on July 22.

For over a decade, the film field had not been investigated, IT sources said. According to Lukose, the searches have concluded and preliminary post search inquiries have been initiated. The undisclosed income earned was found to have been invested in real estate and assets abroad, he said.

Inquiries with banks within and abroad were being conducted. Investments in immovable and movable properties made in foreign countries are also being investigated through appropriate channels. Undisclosed cash deposits in bank accounts are being tabulated, he said.

Mohanlal's huge collection of valuable antiques and priceless paintings have been referred to experts for valuation. Lukose said post search inquiries are in progress. A report containing findings of the inquries and quantum of undisclosed income estimated would be prepared by the investigation wing within 2 months. Further assessment proceedings would be initiated, he said.

In the 2011-12 fiscal, 12 searches have been conducted in Kerala till date in different cases. The Directorate of Income Tax (Investigation), Kochi, had conducted 23 searches in 2010-11 fiscal when undisclosed cash amounting to Rs 13.80 crore and undisclosed income of Rs 90 crore were detected.