"During the search, Rs 96.89 crore cash in old high denomination notes and Rs 9.63 crore in new Rs 2000 currency notes along with gold weighing 127 kg worth approximately Rs 36.29 crore were found and seized, as unaccounted assets," the Central Board of Direct Taxes (CBDT), policy-making body for the I-T department, said in a statement issued in Delhi.
The total value of the assets is about Rs 142.81 crore.
The pictures of the seizures made by the sleuths in Chennai show big paper cartons, packed with old and new notes kept side-by-side shining gold bars in a room in a posh locality in the southern metropolis.
It added that the searches are "still in progress at four out of the total 8 premises and more specific details including modus operandi would emerge after examination of the documents and other evidence detected during the search."
Meanwhile, officials said S Reddy, a contractor working with the state government, has claimed the entire money and the gold as his own and is being questioned along with few other people.
A senior department official said this seizure of gold and cash was "an unprecedented amount that the tax department has seized in recent times."
The department, the officials said, carried out the searches based on intelligence inputs about the activities of Reddy and few others for the last few days.
Officials said the agency was investigating how the new notes in such a large quantity were stashed by the individual.
The bundles of the new Rs 2000, that were seized, had no banking slips on the them and were jumbled up to mislead investigators, they said.
The officials said a number of documents related to financial transactions, entries of gold sale and records of sale/purchase have also been seized by the tax sleuths.
"He (Reddy) is a contractor working with the state government. He is claiming the entire cash and gold to be his own. Further probe is on," they said.
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