Superintendent of Police (Lokayukta) Virendra Singh said Corporation's general manager Bhupendra Singh Bhati owned 18 accounts in nine banks, in which transactions have now been barred.
Lokayukta police yesterday raided premises of Bhati here and in Devas and claimed to have unearthed assets worth Rs two crore, following a complaint that he had amassed assets disproportionate to his known sources of income.
Continuing with the probe into his assets, Singh said the police opened his locker in Allahabad Bank in Devas, in which they found 222 g of gold jewelry, around 450 g of silver jewelry and Rs 1,000 cash.
Besides this, household stuff worth Rs 2.5 lakh was found in his residence in Sudama Nagar here.
"Till now we have come across movable and immovable assets worth Rs 2.10 crore belonging to him which is much more than his known income," he said.
Bhati has been in service for 27 years during which he earned Rs 40 lakh in salary, he said.
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Bhati's two children are enrolled in medical courses and he had spent Rs 30 lakh on their education, Singh said, adding that he has been charged under Prevention of Corruption Act and other relevant laws.
In the past, suspended IAS couple Arvind and Tinoo Joshi had shot into limelight after an Income Tax department raid at their residence in February, 2010 uncovered assets valued at Rs 360 crore.