Magnetic induction tomography (MIT) allows the reconstruction of conductivity distributions for a wide variety of industrial and medical applications. The advantage of this technique is the contactless and non-invasive way of collecting information on the tissue. An MIT system consists of excitation coils that produce a primary magnetic field that causes eddy currents in a conductive object. The eddy current produces a secondary magnetic field that can be detected by an array of receiving coils. The article presents the setup of a 16 channel MIT system featuring parallel readout of the 16 receiver coil array. To achieve the parallel readout the high-frequency signals used for the measurements are converted to a lower frequency by heterodyne downconversion and then sampled by high quality audio sampling equipment. The sampled low frequency signals are processed by digital signal processing algorithms in a standard computer. This allows the replacement of the commonly used lock-in amplifier and enables the processing of all 16 receiving channels in parallel.