Mohammed Ameen Mirza said to be the President of Pakistan Muslim League-Nawaz (PML-N) Scotland chapter.
Investigators discovered bundles of cash stuffed in carrier bags when they targeted grocer, a local media report said. They found £400,000 at his luxury home and a further £500,000 stashed in a safe at one of his stores.
The discoveries were made during a probe into an alleged £4million VAT (Value-added Tax) fraud.
Her Majesty’s Revenue and Customs and Police Scotland took part in raids at Mirza’s villa in Glasgow’s Pollokshields and three stores in the city.
They searched his Nisa outlets in Cambuslang, the Gorbals and Haghill, report said. And £500,000 was discovered at the shop in Cambuslang in bundles of notes.
A source said: “Officers just couldn’t believe the amount of cash they found.
“There seemed to be notes stuffed in any container available. Money was found in plastic carrier bags and paper bags.
“Cash was also discovered all over the house. “The biggest surprise came when the shop safe was opened and £500,000 was found. “It wasn’t expected. The investigation could take months.”
Mirza, 50, is described as an influential businessman in the Asian community having political links in UK as well as in Pakistan.
Witnesses say more than 40 officers were at Mirza’s home and shops during the raids.
He was charged with fraudulently evading VAT by failing to declare earnings and was released pending further inquiries.