The town police seized unaccounted cash of Rs 40 lakh from a person near Subhash Circle late on Tuesday night.
According to police, Sagar Bhosle (22) was found to be carrying wades of currency hidden in his socks. He was travelling from Hubli to Karwar and acting on a tip-off from Ankola police, the Karwar police nabbed him when he alighted from the bus.
Police said that Bhosle was on his way to Kerala. He is said to have told the police that his relatives have a jewellery shop in Vadakara in Kerala and that he got the money by disposing of the unsold ornaments in Hubli.
He is also learnt to have told that the records pertaining to the transaction were in Kerala and his relatives would bring them to Karwar.
Meanwhile, the election officials intercepted a vehicle transporting Rs 48 lakh in cash at Bedakihal checkpost in Chikodi taluk of Belgaum district. Officials said the cash belonged to a private bank and the persons transporting the money produced relevant documents. However, an undertaking was obtained from them, they said.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks