In a major crackdown post demonetisation, Income Tax officials on Thursday raided eight locations in Chennai and seized Rs 90 crore cash and 100 kg gold.
Three persons are being questioned in connection with the massive seizure.
After monitoring for months select persons suspected to be evading tax through shadowy transactions and based on a specific tip-off, the searches began today, a senior tax official said.
"The searches are continuing. So far Rs 90 crore cash has been seized, which is a mix of demonetised and new currencies. Also, 100 kg gold worth crores of rupees has been seized," the official who did not wish to be named told PTI.
Of the 100 kg gold recovered, 70 kg was in form of gold bars which were seized from a hotel room, he said.
He said the three persons suspected to have been involved in transactions related to tax evasion are being questioned. Other material of evidentiary value, including documents were being scrutinised.
Asked about the source of the money and whether any hawala or similar banned transactions were involved, he said these were "shadowy transfers".
More information, leading to conclusive inference, would be known in the course of investigation, he said.