The cash was being transported in a mini truck, which was intercepted by police during a patrol late last night.
"The currency notes were found concealed in ten packets, each containing Rs 25 lakh. All the cash was kept inside a box in the vehicle," Virpur taluka police station police sub-inspector Ghanshyamsinh Jadeja said.
The vehicle driver, Rajni Khunt, and his assistant Bavanji Patel, have been detained and being interrogated.