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A man walks pasts an income tax billboard in New Delhi. Representational Image]Reuters file

Continuing its series of raids in Tamil Nadu, the Income Tax (IT) department on Tuesday unearthed around Rs. 100 crore in cash and gold at a construction company's premises in various parts of the state. 

Ms SPK and Company saw 20 of its premises being raided Chennai, Madurai, Aruppukottai, and Vellore. The company is said to be engaged in highway construction.

As per a source, the raid unearthed a "huge quantity" of cash, whose exact value is yet to be determined, but expected to be around Rs. 100 crore. Around 90kg of gold bullion was also recovered from the raids. A source said that the cash was found in big travel bags and in parked cars at various premises. 

As per the Tax Investigation Department, the raids were conducted after inputs of unusual cash movement and suspicion of tax evasion. The raid was launched after "continuous monitoring of suspicious activities both before and after the period covering demonetisation," said the source.

The source went on to reveal that there were several discrepancies in the tax returns of the company, forcing the authorities to conduct a raid. The raid was done with the protection of Central Reserve Police Force (CRPF).

Ms SPK and Company is a partnership firm which has suspicious links to "politically influential quarters" and has undertaken several large projects for the state government, including highways and public works. The raids are expected to continue for at least another day.

The IT department has been conducting raids in Tamil Nadu since the start of July. Earlier, a raid at the food giant Christy Friedgram Ltd revealed crores of unaccounted cash. The department seized Rs. 17 crore in cash and gold worth 10kg, as well as property documents.