Income tax officials continued raids on the premises of three Chennai-based businessmen for the second day on Friday. So far the income tax investigation wing has seized Rs 106 crore in old and new currencies and 127kg of gold bars.

Of the total seizure, Rs 96 crore was in old demonetised+ currencies and Rs 10 crore mostly in the newly introduced Rs 2,000 denomination currency.

The raided premises belong to industrialist Shekhar Reddy+ , his associate Srinivasa Reddy and their agents, including a person called Prem Kumar.

"More than 100 officials from our wing are involved in the raids and it is continuing in nine places in Chennai and Vellore. The amount seized is the maximum seizure so far, and we may be able to seize more cash," a senior I-T official told TOI.

During the raids on Thursday, two rooms were not opened. "Reddy said two rooms could be opened as he did not have the keys. But we broke open the rooms and found cash and gold in those rooms too," the official said.

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Sekhar Reddy owned up the cash and gold seized. "He says the entire money and gold belongs to him. But we need to check his accounts and only then we will be able to know whether it belongs to him or not," the official said.

Reddy is a contractor for Tamil Nadu state public works department (PWD) and has several contracts with PWD as well as other state government departments. "These include sand and road contracts. Since the raids are going on we could not say whether banks and their officials are also involved. But we will be checking that too in the coming day," he said.