Hyderabad: In one of the biggest raids in Andhra Pradesh, the Anti-Corruption Bureau (ACB) has unearthed assets worth Rs 500 crores from the premises of two officials of the Municipal Administration and Urban Development department.

The two arrested are Director of Town and Country Planning, G V Raghu and Junior Technical Officer in Vijayawada Municipal Corporation N V Sivaprasad. The accused will be produced before the court on Tuesday.

Police have recovered over Rs 60 lakhs in cash, 11 kilograms of gold ornaments and 23 kilograms of silver worth Rs 500 crore in total. The police have also found documents of over 22 properties that include land, apartments and even companies registered under their names.

Speaking to CNN-News18, ACB Director General, RP Thakur said, "They were arrested under the Prevention of Corruption Act for the possession of assets disproportionate to their income. The investigations and raids are still on."

The raids were conducted simultaneously by 20 teams of the Anti-Corruption Bureau at Mangalagiri, Vijayawada, Gannavaram, Visakhapatnam, Hyderabad, Chittoor, and Shirdi in Maharashtra.

As the raids continue for a second day, officials are still assessing the actual market value of the properties that may go for over Rs 500 crores.