"On the directives of Chief Minister Akhilesh Yadav, Yadav Singh has been suspended", an official spokesman said here.

He said that departmental inquiry has also been ordered against Yadav which would be conducted by chief executive officer of Noida authority.

"The IT teams conducted raids on official and residential premises of Mcconn Infra Private Limited and Meenu Creations Private Limited at Delhi, Noida and Ghaziabad on November 27", Director General (Investigation) Krishna Saini said.

The raids were carried out in Delhi and NCR region in connection with sale of plots in Noida through bogus share holdings.

"The major allegation on these companies is that they got 30 to 40 plots alloted in Noida by forming bogus share holdings in Kolkata and later their shares were off loaded,” Saini said.    

"In this way those who purchased the shares got plots. All these transactions were made in the last three to four years," DG Saini said.

He said that raid was also conducted at the residence of the official as his wife Kusumlata was director of Meenu creations, which manufacture designer clothes.

According to DG Saini, 13 lockers have been detected which would be opened and examined in the next two days.     

"The IT teams found a car parked at a park near the house of Mcconn Infra Private Limited's Director Rajendra Manocha house. When the car was searched, Rs 10 crores was found in it", Saini said.
He added that during the raid at Kusumlata's house, Rs 12 lakh cash, two kgs gold and diamond jewellery were recovered.

Saini said that Rs 44 lakh cash was recovered from the house of Anil Peshwari, who is one of the directors of Meenu creations. Unaccounted stock of clothes worth Rs 12.5 crores was also found at Peshwari's residence.

On the directives of the Special Investigation Team constituted by the Supreme Court on black money, the IT department has shared the documents and information regarding the case with the Enforcement Directorate. A special team was formed to probe the Rs 954 crore tendering scam in which Yadav Singh was named.
Yadav, who was appointed as the engineer-in-chief of Noida authority during BSP supremo Mayawati's regime from 2007-12 had been suspended when Samajwadi Party came to power, but was later reinstated.