Indore, May 2: Income Tax department on Friday conducted raids at the premises of at least five businessmen engaged in future trading with the National Board Of Trade (NBOT).

The raids were also conducted at the premises of NBOT chairman and Ruchi Group of Industries' owner, Kailash Shahra. The I-T sleuths have seized large number of documents from his offices, official sources said.

Soyabean Processors Association of India (SOPA) has promoted NBOT by investing over Rs 2 crore, but Shahra allegedly sidelined SOPA and its members and through unfair practices got the shares allocated in the name of dummy companies floated by him.

The raids were still going on and further details are awaited, sources added.