Chennai: Officials of the Income Tax department conducted raids at eight locations including Anna Nagar and T Nagar here on Thursday and busted a high-profile note exchange racket.
Sources from the IT department said that Rs 90 crore in cash, in which new currency amounting to Rs 70cr, have been recovered during the raids.
IT Department has also seized 100 Kgs of gold during the raids at eight locations.
Frequent raids are being conducted at various locations to recover the new currency notes being stashed after demonetisation.