Cash worth Rs 1.87 crore in the denominations of Rs 1,000 and Rs 500 notes, which have been scrapped, was seized from a posh apartment here during a raid, police said today.
Acting on a tip off, the Ambazari police conducted the raid at the apartment in Hill Top area here last night and recovered Rs 1.87 crore from four persons, who were subsequently detained.
The money stashed in a travel bag was seized and taken to Ambazari police station along with the four persons, including a Chartered Accountant.
The policemen then used a counting machine to ascertain the exact value of the cash seized.
As per preliminary report, 172 bundles of Rs 1,000 notes (total Rs 1.72 crore) and 31 bundles of Rs 500 notes (Rs 15.5 lakh), which have been demonetised, were seized.
The Income Tax Department was alerted about the seizure to initiate appropriate action, police said.
The city police information centre, when contacted today, confirmed the seizure and said the cash and custody of four persons was handed over to the Income Tax authorities.
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