Rs 72 lakh cash seized from houses of businessman, his associate in Bhopal

Bhopal : Police have seized Rs 72 lakh in cash from the houses of a businessman and his acquaintance in Bhopal, officials said.

The seizures have been made at the time of the model code of conduct in force in Madhya Pradesh in view of the Lok Sabha elections.

The businessman was involved in the exchange of torn and soiled currency notes and he told the police that he was authorised by the RBI for it.

The police raided his house in Ashoka Garden locality here on Thursday night after getting a tip about a 'hawala' (illegal money transaction) racket, the officials said on Monday.

"They seized Rs 31.58 lakh from there and sealed the room where the money was found", Deputy Commissioner of Police (Zone-1) Priyanka Shukla told reporters.

On Monday, the police seized Rs 40.11 lakh from the house of his acquaintance in Bairagarh area, the official said.

"The police have informed the Income Tax department about the seizure", she said.