The rebel leader has now accused the Centre and the Tamil Nadu state government of acting against Sasikala and her supporters in the AIADMK party.
Terming the opposition-controlled Sun TV and Kalaignar TV as the 'enemies', the sidelined leader asserted that these media outlets are publishing reports against him and his associates.
"Some other publications and newspapers to are saying that underground ways have been found, but it's not right," he added.
Dhinakaran also claimed that the wealth recovered in the raids is not black money.
"I-T department knows about my business really well. I don't know why they have conducted raids at Member of Legislative Assembly E. Pugazhendi's residence," he said.
Meanwhile, the Bharatiya Janata Yuva Morcha (BJYM), the youth wing of Bharatiya Janata Party (BJP), castigated Dhinakaran for terming the raids as 'political vendetta.'
The BJYM president Vinoj P Selvam tweeted, "The easiest escape route politicians caught on the back foot take is to dub any law enforcement activity as an act of vendetta."
The raids by I-T Department are being conducted following the reports of alleged tax evasion by the channel and newspaper.
Jaya TV, which is considered as AIADMK's mouthpie, was founded by late Chief Minister Jayalalithaa. However, the channel is now controlled by the family members of former party general secretary VK Sasikala.