The investigating team, comprising around 50 officials, raided the head offices of the companies and the houses of the owners in Nabha and Barnala.
According to an official spokesman of the I-T department in Patiala, the raids were led by Raman Garg, deputy director, investigation, Patiala.
When contacted, Garg refused to give details.
"We are studying the documents. A detailed recovery report will be prepared after compiling the proceedings, and only after studying the documents we can comment," said the official spokesman.Sources said the search would continue during night as well.
The I-T officials were tight-lipped about the reason behind the raids.