No, it doesn't. This finds files suspected to be TrueCrypt volumes and it does so by looking for certain heuristics. If your file passes a chi-square distribution test it is likely to be a TrueCrypt volume. If I create a file with a bunch of random data TCHunt would also likely peg it as a potential TC volume.
However, it does not detect the existence of a hidden inner volume.
However, it does not detect the existence of a hidden inner volume.