Foreign currency worth Rs 2.99 crore was seized from a taxi in Mahim in central Mumbai Thursday, police said.
The currency, seized near Mahim Causeway in the early hours, was to be sent to Kolkata, Bengaluru and Ahmedabad by a flight, senior police inspector Milind Gadankush said.
But the flight got cancelled, so the cash was being taken to an office on Dadasaheb Phalke Road in Dadar when the police stopped the taxi during vehicle checking.
Upon recovery of foreign currency, the Income Tax department and Election Commission officials were alerted, he said.
Probe confirmed prima facie that the currency had nothing to do with the ongoing Lok Sabha polls, he said.
The person who was carrying the cash in the taxi was allowed to go after inquiry. The currency will be returned to the owner after further probe, the inspector said.