"The search part is over, now recording of statements and questioning are remaining," the I-T official told news agency PTI. Over 1,000 tax officials had conducted searches at 187 locations across Tamil Nadu, Andhra Pradesh, Puducherry and Delhi.
The official declined to answer questions about the value of cash and type of documents seized during the raids, "compiling" was yet to be done, he said.
The raids were conducted based on inputs, including those from the Finance Ministry's Financial Intelligence Unit.
The allegations included suspicion of shell companies, dubious investments, suspicious fund flow and its transfers and fudging of accounts.
TTV Dhinkaran, deposed deputy general secretary of the AIADMK, has termed the searches a "conspiracy" aimed at ousting him and his aunt from politics. "If BJP thinks by destabilising us they can take roots in Tamil Nadu, they are day dreaming," he said.
PMK party chief Ambumani Ramadoss has demanded similar raids on Chief Minister E Palaniswami and his deputy O Panneerselvam as well.
(With inputs from PTI)