Noida, Feb 2 (IANS): The Income Tax Department which conducted search operations at the premises of a former IPS officer's residence here in Sector 50, has recovered Rs 5.77 crore in cash.

The cash was recovered during the search operation which was initially called a survey operation.

A source on Tuesday said the probe into the matter is underway.

Bundles of notes of Rs 2,000 and 500 denominations were recovered.

The Income Tax Department is yet to make a statement on the issue.

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

The source said that the former IPS officer was running a firm from the basement. It has 650 lockers.

The IT department source said that as of now no case was registered and it was only a search operation which they also call survey.

The source said that they are checking whether it has any connection with 'benami property' or not.