A 54-year-old man was on Thursday arrested here for illegal possession of foreign currencies of various countries valued at Rs 2.93 crore, which was seized from him, police said.
Acting on credible information, a police team nabbed the accused, who is into real estate business, with a bag containing foreign currency notes, meant to be exchanged in Chennai, they said.
The accused has been operating an illegal money exchange racket for the past few years, they added.
US dollars, UAE dirham, Saudi Riyal and Euros of different denominations were recovered from him, police said.
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