About 55,300 banned tablets, 100 cough syrups, 300 intoxicants, 134 injections were seized during the raids along with Rs 2.73 lakh cash from one of the shops, police said.
The shops have been sealed, they said, adding the chemists managed to flee and a manhunt has been launched to arrest them.
A case under the Narcotic Drugs and Psychotropic Substances Act has been registered in this connection, police said.