Noida, Feb 1 (IANS): The Income Tax Department, which conducted search operation at the premises of a former IPS official in Noida Sector 50, have recovered unaccounted cash worth several hundred crores.

The cash was recovered during the search operation, which was initially called a survey operation. Bundles of currency notes of Rs 2,000 and 500 denominations were recovered. However, as of now, the department has not made any official statement.

As per an information, the former IPS official is said to be very close to Samajwadi Party.

A source said that they received an information that cash of several crore rupees was kept at the basement of the building in Noida Sector-50.

The source said that the former IPS was running a firm from the basement, which has 650 lockers. The department is investigating whether it has any connection with benami property or not.

The IT official reached Noida Sector 50 on late Sunday evening.

The search operation is still going on and the officials would brief the media once the search operation is over, the source added.