Income Tax Department officials on Monday seized nearly Rs 10 crore in demonetised currency and six kg of gold jewellery from a businessman in Chennai, Deccan Chronicle reported. The raids at the trader’s house and three other premises were conducted after the officials received inputs that he was exchanging demonetised currency for gold at a commission.

The trader, who deals in imitation jewellery, is being questioned about the source of the money, PTI reported. The raid comes eleven days after the I-T Department had seized Rs 106.52 crore in cash and gold bars weighing 127 kg during raids at eight locations in Chennai. Around Rs 10 crore of the seized money was in new Rs 2,000 notes.

The incident is one of several cash seizures of old and new currency by several agencies since the government demonetised Rs 500 and Rs 1,000 notes. Large sums of money have been found in fake bank accounts, and investigative teams have found hundreds of crores in new currency notes even as citizens struggle to get cash from banks.