At least 12 IT officials conducted raids at his residence, office and hotel in Bhopal at around 7 a.m.
A case of disproportionate assets has come up against Vaswani and the officials are also probing money laundering case against him post the November 8 demonetisation drive.
Vaswani, who is also the chairman of co-operative bank, had a few months ago bought large acres of land.
As of now, the tax authorities are investigating the case and the proceedings are on.
Raids are being carried out across the country by the Income Tax Department in the wake of the burgeoning fake currency racket post demonetisation.