A senior office said that people and entrepreneurs are associated with the land transaction connecting Lalu Prasad is being examined.
The raids, which raise the spectre of political corruption (or a political witch-hunt, depending on which side one is listening to) come exactly three years after the Bharatiya Janata Party-led National Democratic Alliance's sweeping victory in the parliamentary elections on a pro-development and anti-corruption platform.
On Tuesday, Income Tax department carried out raids on around 22 locations in Delhi and nearby areas on charges of alleged Benami deals worth Rs 1,000 crore linked to RJD chief Lalu Prasad and others.
Jha alleged that the BJP was "muzzling the voice of the opposition" and said, "We will fight in the court and on the ground".
Following the IT raids, Sushil Kumar Modi told the media in Patna that his stand was "vindicated".
"Kumar compromised with principles, ideology, good governance the day he joined hands with Lalu Prasad", he said.
The premises of two top opposition leaders, P. Chidambaram and Lalu Prasad, were on Tuesday raided by CBI and IT officials with Karti Chidambaram accused of getting pay-offs for helping a media company get FIPB clearance, while the former Bihar Chief Minister was accused of "benami" land deals - actions the opposition denounced as vendetta by the BJP-led central government.
A day after Bihar Chief Minister and JD (U) president Nitish Kumar rejected claims that he was in the race for Opposition PM candidate to take on Narendra Modi in 2019, Rashtriya Janata Dal chief Lalu Prasad Yadav hinted the JD (U)-RJD-Congress grand alliance in Bihar may already have ended. The Law now is taking its course and this should be welcomed, ' said Manjhi.
Mamata Banerjee's tweet was in response to Lalu Yadav's post from two days ago, when he had alleged a conspiracy to jail him to ensure that he can not hold a mega rally he has announced in August to bring together parties to take on the ruling BJP. "Unless the IT has recovered some evidences, it has no meaning at all".
In a tweet, Mr Prasad said, " IT and CBI are the BJP's new allies, but I will not get intimidated". We also discussed what is going on from this morning.
Sanjay Singh, another party spokesperson, said there was plenty of time to think about it and a decision would be taken when the time was right.
Lalu Prasad's lawyer Chitranjan Sinha was one of the first to visit him but left without saying anything to the waiting media persons.