CHENNAI: The Income Tax Department yesterday recovered Rs. 163-crore cash and about 100-kg gold bars after raids at several premises of a road construction firm in Tamil Nadu, as ANI reported. Officials said it is one of the biggest recoveries till date.

“Gold biscuits weighing around 100 kg and Rs 163 crore in cash that is suspected to be unaccounted, seized by the Income Tax department from 20 locations of SPK company in Madurai, Aruppukkottai, Vellore and Chennai. Raids started y'day, still underway at few locations. #TamilNadu”, ANI tweted.

The searches were held on the premises of Ms SPK and Company. This is a partnership firm engaged in road and highway construction, on contract from the government.

The raids are still on and according to the officers these figures may further go up

 Worth mention here the previous highest cash raid was of over Rs. 110 crore . This raid was held in a mining baron in Chennai post-demonetisation in 2016.

The Chennai inquiry wing of the department is conducting the operation further operation. The raids were held after the department found evidence of suspected tax avoidance by the firm and its associates.

A total of 22 premises, 17 in Chennai, four in Aruppukottai (Virudhunagar district) and one in Katpadi (Vellore) are raided, the officials informed.