During raids at around 22 locations, officials stumbled upon Rs. 160 crore in cash and around 100 kg bullion was found.
Tax officials termed the recoveries as probably the highest so far in a raid anywhere in the country.
17 premises were in Chennai, 4 in Aruppukotai and 1 each in Katpadi and Vellore.
Searches are still underway at few locations.