"Unless there is a substantial basis or a reason to suspect, these departments don't act. Ultimately the actions have to bear some results," he said responding to questions by the media.
"People in high positions acquiring assets through shell companies is not a small matter. I think this is the day of reckoning that has come for many. They will all be alert," Jaitley added.
He was asked about the opposition charge that the raids on the houses of former Finance Minister P. Chidambaram and his son Karti, and RJD chief Lalu Prasad Yadav on Tuesday were done because of political vendetta.
However, he refused to comment on specific cases, saying: "We do not comment on individual cases."
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)