Hours after the Income Tax Department on Monday seized Rs 160 CR cash and about 100 kg of bullion after raids at several premises of a road construction firm in Tamil Nadu, the magnitude of the haul came to be described as one of the highest or probably the highest ever in the history of India. The raids were made against Ms SPK and Company, a firm involved in road and highway construction.

In 2016, days after demonetization was announced, the IT department found Rs 110 crore belonging to a mining baron in Chennai.

As per political analysts, the IT raids are politically significant. The Highways department is under the chief minister, Edappadi Palaniswami. As such, "the CM may have to explain why most plum contracts have gone to the same set of relatives," says columnist TS Sudhir.

Opposition DMK has said that the raids must be linked to the Chief Minister.