Acting on a tip-off, a police team carried out vehicle checks at Vallithod near Iritty and seized the money from one Pradeepan, a native of Sangli in Maharashtra, who was travelling in a bus, they said.
During interrogation, the accused stated that the currency notes, in the denomination of Rs 1000, were meant to be handed over to a person in the district, police said.
Pradeepan was arrested and investigation is on, they added.
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