The warning was issued after some businessmen were caught, while transporting cash to the Bijepur Assembly segment where a by-election will be held on February 24.
The police held a meeting with traders after intelligence inputs indicated that political parties may transfer money through hawala, in which money is transferred without physical movement of cash, to avoid police checking.
The police during the meeting told traders to refrain from any such dubious deals which might bring them under the scanner.
"The model code of conduct is in force in Bijepur and its violation is an offence under the Election Commission Act," Inspector General of Police (IGP) Northern Range (NR) Susant Kumar Nath said.
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Physical movement of huge cash has become difficult since adequate number of police check posts are there in Bijepur constituency, and massive checking is being carried out, the Superintendent of Police (SP) of Bargarh district J N Pankaj said.
Innovative ways could be adopted to transfer money now, he said.
The SP also said that the police will not harass anyone carrying cash for genuine purpose.
However, he or she will have to produce proper document, he said.
The Bargarh police on Saturday night had seized Rs 40.5 lakh in cash from a car while it was on its way from Padmapur to Bargarh, and arrested a businessman and his son in this connection, after they failed to give a proper explanation about the source of the cash.