The police today seized Rs 97.50 lakh in demonetised currency after raiding a flat in Koradi Road area of the city and took a 44-year-old man into custody.
Assistant Commissioner of Police Somnath Waghchoure said a police team raided the flat at around 5.30 pmand seized the cash in scrapped denominations of Rs 500 and Rs 1,000.
Police suspect the invalid notes were brought for exchanging them with the legal tender by some businessmen.
The man taken into the custody is identified as Prasanna Paradhi.
Further investigation is on, the ACP added.
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