New Delhi, Mar 8 (IANS): The Income Tax Department on Friday conducted search at Aam Aadmi Party (AAP)'s Uttam Nagar legislator Naresh Balyan's property in the national capital and recovered cash over Rs 2 crore.

According to informed sources, a team of the IT Department carried out the search at the residential premises in west Delhi's Dwarka area after it received a credible information that some financial transaction would take place there.

At the time of search, the AAP legislator was also present. The property is said to be related to Akash Builders, he said.

"During the search, the IT officials recovered Rs 2 crore in cash and the legislator could not explain the source of money," the source said.

Balyan, also a property dealer, is considered to be a close aide of AAP Convenor and Delhi Chief Minister Arvind Kejriwal.

In October last year, the IT Department had searched 16 locations associated with Delhi Transport Minister Kailash Gahlot across Delhi-NCR.