The Karnataka Police on Monday arrested two people carrying unaccounted cash worth Rs. 11.30 lakh in new Rs. 2,000 notes.
The matter was later referred to the Income Tax (IT) Department for further investigation.
Post the government's demonetisation move, the IT Department has made over 760 searches and seizures amounting to Rs. 505 crore, out of which more than the 93 crore was new currency.
According to IT sources, more than Rs. 3590 crores of undisclosed income has been detected and 3589 notices have been issued.
During the searches, the IT Department referred around 400 cases to Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for further investigation.
Also, the IT Department had made 215 references to the Enforcement Directorate and 185 references to CBI.
The Enforcement Directorate has also been carrying out searches and enquiry at various places in the wake of de-monetisation.