However this was not all, IT sleuths also found at their disposal high end luxury vehicles such as a Lamborghini, M V Augusta, Ducati 749 and a Volvo.
The officials will have a lot of explaining to do considering their official salary was not more than Rs 10 lakh an annum.
It was during this raid that the IT officials also seized Rs 6 crore in cash of which Rs 4.7 crore were the new Rs 2,000 notes.
During the raid at the residences of Chikkarayappa and Jayachandra, the officials also found several documents of luxury apartments.
In addition there was also a huge amount of gold that was seized during the IT raid that was conducted at Bengaluru.
The IT department says that the officials will have a lot of explaining to do.
The two officials who were placed under suspension pending investigation by the Home Minister of Karnataka, Dr G Parameshwar are being questioned by the IT officials about this huge amount of cash, gold, cars and apartments.
Jayanchandra is a chief project officier with the State Highways Development body while Chikkarayappa is a Managing Director of a civic body.
IT probes how officials got so many new notes:
The primary focus on the probe would be how the officials managed to source so many new notes.
While on one hand people are complaining about a short supply of the new notes, it is quite surprising that these officials had new notes to the tune of Rs 4.7 crore.
We are pursuing the trail and will get to the bottom of it says the IT department. We suspect the involvement of a bank official who would have given these officials the new notes, the IT official notes.
[Also Read: IT raids in Bengaluru: 2 officials suspended]
On Thursday officials from the IT department of Karnataka and Goa conducted raids in Bengaluru.
In addition to the cash, the department had also found 7 kilograms of gold and 7.5 kilograms of jewellery and also a Lamborghini car.
In addition to this the IT department sleuths had also found several property documents. It was also noticed that these persons were in the possession of high end luxury cars.