Kolkata, Mar 28 (IANS): Income Tax (I-T) officials have unearthed about Rs 18.78 crore of unaccounted cash, jewellery and bullion from a privately-run vault housed in the basement of a bustling shopping complex in Kolkata after an almost two-month-long search operation, an official said on Thursday.

Acting on a tip-off, the I-T sleuths started conducting the search operation in the vault, operated by the Shree Vardaan Safe Deposit Vaults in Vardhan Market in Camac Street, from February 1. There were about 649 lockers allotted to different individuals.

"In this operation, we have so far seized Rs 5.16 crore of unaccounted cash and jewelleries and bullion worth Rs 13.62 crore from the lockers at the Vardaan Market," said the I-T investigation wing's Principal Director Ashish Verma.

The I-T sleuths had come to know that the private vault was running without following any KYC (know your customer) norms or the guidelines issued by the Reserve bank of India, Verma said, adding that the vault was being run on an informal basis.

"After we contacted the users of the lockers, many locker owners came forward and explained the account of their wealth. We only seized the unaccounted cash and jewellery," Verma said.

According to the I-T probe team, the seizures were done only when the vault owners failed to furnish supporting documents, be it I-T returns, wealth tax returns or the actual bills.

"There were no claimants for as many as 200 lockers. We broke these lockers and found unlawful cash and bullion stashed in them," Verma said, adding that the vault has been operational since 1980s.